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

Liquidators

79. Giving of security by liquidator
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(1)A liquidator will not be deemed to be appointed until he has given security to the satisfaction of the registrar for the proper performance of his or her functions as liquidator.

 

(2)The cost of giving such security to an amount which the registrar considers reasonable will form part of the costs of liquidation of the co-operative concerned.

 

(3)The registrar may on written request by a liquidator consent to a decrease in the security given by such liquidator.