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 A : Winding-Up of Co-operatives

Provisional winding up

69. Effects of provisional winding-up order
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During the period for which a provisional winding -up order is in force in respect of any co-operative—

(a)the functions of the Board of directors of the co-operative will be suspended save in so far as the continuation thereof has been approved by the registrar or the provisional liquidator;
(b)no judgement in any action against the co-operative for the recovery of an amount or the delivery of anything may be executed;
(c)the issue, transfer or cancellation of shares in the co-operative will be void.