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-operativesLiquidation, trading, distribution and contribution accounts and application of proceeds99. Submission of certain accounts to registrar |
| (1) | The liquidator must certain 180 days after the date of publication of the notice referred to in regulation 80 draw up the following accounts, certify them and submit them in duplicate to the registrar, namely— |
| (a) | a liquidation account; |
| (b) | a trading account, if the liquidator has carried on a business of the co-operative; |
| (c) | a distribution account, if the proceeds of the co-operative's assets exceed the sum of the amounts to be paid out of such proceeds in terms of regulation 101 (1) and (2) and 102(a), (b), (c), (d) and (e); |
| (d) | a contribution account, if the said proceeds are less than the sum of the said amounts and there are contributories. |
| (2) | The accounts referred to in sub regulation (1) must be accompanied by all supporting documents available to the liquidator. |
| (3) | If the said accounts are not the final accounts the liquidator must within such period as the registrar may determine draw up further accounts and submit them to him or her in duplicate. |
| (4) | If the liquidator is unable to submit an account or documents mentioned in sub regulation (1), (2) or (3) to the liquidator within the required period he or she must before the termination of the period concerned submit to the registrar a written explanation of the reasons for his or her inability, and the registrar may thereupon grant an extension of time to the liquidator for the submission of the relevant account or documents. |