Co-operatives Act, 2005 (Act No. 14 of 2005)RegulationsCo-operatives Administrative Regulations, 2016Chapter 2 : Winding Up and Judicial Management of Co-operativesPart A : Winding-Up of Co-operativesProvisional winding up67. Provisional winding-up order |
| (1) | If a court or the Tribunal in which an application in terms of section 72 or 72B is under consideration in respect of a co-operative issues a provisional winding -up order in respect of such a co-operative it must appoint a provisional liquidator for such co-operative or direct the registrar to appoint a provisional liquidator. |
| (2) | A provisional liquidator appointed under sub regulation (1) will hold office for as long as it pleases the court, but not after the date of commencement of the winding-up of the co-operative (if the co-operative is wound up thereafter). |
| (3) | The provisions of regulations 79, 81(1), (3) and (4), 82, 83(1), 86(1), and 89 will mutatis mutandis apply in respect of a provisional liquidator appointed under sub regulation (1): Provided that costs referred to in regulation 79(2) and the remuneration referred to in regulation 81 (1) must be paid by the co-operative concerned. |