law: Co-Operative Societies Act 2008 
  172.
  
  Closure of liquidation
  1.      In the liquidation of
  
  a registered society the funds, including the Reserve Fund, shall be applied as
  
  followsŚ
  a.     
  
    firstly
  
  to the costs of liquidation;
  b.    
  
    secondly
  
  to the discharge of the liabilities of the society;
  c.     
  
    thirdly
  
  to the payment of share capital;
  d.    
  
    fourthly,
  
  if the by- the society permit, to the payment of a dividend at a rate not
  
  exceeding the percent per annum for any period during which no distribution of
  
  profits has been made.
  1.      
  2.      Any surplus remaining
  
  after the application of the funds to the purposes specified in subsection (1)
  
  may, at the discretion of the Registrar, be used for any co-operative purpose
  
  he considers fit.
  3.      Where the liquidation
  
  is closed pursuant to subsection (1), the Registrar shallŚ
  a.     
  
    issue
  
  directions with respect to the custody or disposal of the documents and records
  
  of the society; and
  b.    
  
    discharge
  
  the liquidator.
  1.      
  2.      
  3.      
  4.      Where the Registrar
  
  discharges a liquidator pursuant to subsection (3), he shall issue a
  
  certificate of dissolution in the prescribed manner.
  5.      The society ceases to
  
  exist on the date shown in the certificate of dissolution.