Friendly Societies Act, 1956 (Act No. 25 of 1956)Chapter V : Enquiries and Investigations, Applications to Court, Cancellation or Suspension of Registration and Dissolution of Societies35. Winding-up by the court |
| (1) | An order of the court in terms of paragraph (e) of subsection (3) of section thirty-three, or an order under subsection (9) of section thirty-four for the winding-up of a society, shall be subject to the provisions contained in the following subsections. |
| (2) | The provisions of the Companies Act, 1973 (Act No. 61 of 1973), shall apply mutatis mutandis to a winding-up under this section in so far as the said provisions refer to a winding-up by the court in terms of the said Act, and in so far as the said provisions are applicable and not inconsistent with any provision of this Act or with any direction issued by the court under this section. |
[Section 35(2) substituted by section 23 of Act No. 103 of 1979]
| (3) | The court may direct that the aforementioned provisions of the Companies Act, 1973, may, for the purposes of the winding-up, be suitably modified in any particular case if the court is satisfied that having regard to the circumstances of the society concerned, it would be impracticable or unnecessarily onerous to comply with the said provisions in every particular, and that in spite of such modification the interests of the creditors of the society will be sufficiently safeguarded. |
[Section 35(3) amended by section 23 of Act No. 103 of 1979]
| (4) | Without prejudice to the powers of the Master who has jurisdiction in respect of any winding-up, the liquidator appointed in terms of subsection (2) shall give the Authority such information as the latter may require from time to time, and shall, whenever he intends to apply to the court for instructions, report accordingly to the Authority who shall be entitled to be heard personally or by a representative at any such application, and may himself make an application to the court with reference to the winding-up. |
| (5) | In the winding-up of the whole or any part of the business of a society the value of the interests of the members or of the various groups of members of the society, and the value of any benefits due by the society to persons other than members, shall be ascertained in such manner as the court may direct. |
| (6) | If, where the court has ordered that the whole business of the society be wound up, the Authority is satisfied that the winding-up of such a society has been completed, he shall cancel the registration of the society and thereupon the society shall be deemed to be dissolved. |