Co-operatives Act, 2005 (Act No. 14 of 2005)

Regulations

Co-operatives Administrative Regulations, 2016

Chapter 2 : Winding Up and Judicial Management of Co-operatives

Part B : Judicial Management of Co-operatives

131. Application of assets during judicial management
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(1) A judicial manager may not without the leave of the court sell or otherwise dispose of any of the co-operative's assets save in the ordinary course of the co-operative's business.

 

(2)Any money of the co-operative becoming available to the judicial manager must be applied by him in paying the costs of the judicial management and in the conduct of the co-operative's business in accordance with the judicial management order and so far as the circumstances permit in the repayment of debts of the co-operative incurred before the date of the provisional judicial order.