GK
CO OPERATION CO OPERATIVE SOCIETIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The binding up of a co-operative Society means
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Liquidation
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Registration
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Amalgamation
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Reconstruction
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Explanation:
Detailed explanation-1: -42. Winding up. (1) Where the registration of a society is cancelled under section 39 or section 40, the Registrar may appoint a competent person to be liquidator of the society.
Detailed explanation-2: -Answer: B) Winding Up. Explanation: Liquidation of a cooperative society means it is closing its accounts and selling off all the assets.
Detailed explanation-3: -The liquidation of an incorporated society entails stopping its activities, paying its debts, and distributing any assets in the manner set out in its rules. The society is then removed from the register. The liquidation process for incorporated societies is the same as it is for a company under the Companies Act 1993.
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