law: Multi-State Cooperative Societies Act, 1984 
  81. Powers of
  
  liquidator.- 
  
  1.     
  
    Subject
  
  to any rules made in this behalf, the whole of the assets of a multi-State
  
  cooperative society in respect of which an order for winding up has been made,
  
  shall vest in the liquidator appointed under section 80 from the date on which
  
  the order takes effect and the liquidator shall have power to realise such
  
  assets by sale or otherwise.
  2.     
  
    Such
  
  liquidator shall also have power, subject to the control of the Central
  
  Registrar -
  a.      to institute and
  
  defend suits and other legal proceedings on behalf of the multi-State
  
  cooperative society by the name of his office;
  b.     to determine from
  
  time to time the contribution (including debts due and costs of liquidation) to
  
  be made or remaining to be made by the members or past members or by the estates
  
  or nominees, heirs or legal representatives of deceased members or by any
  
  officers or former officers, to the assets of the multi-State cooperative
  
  society;
  c.      to investigate all
  
  claims against the multi-State cooperative society and subject to the provisions
  
  of this Act, to decide questions of priority arising between claimants;
  d.     to pay claims against
  
  the multi-State cooperative society, including interest up to the date of
  
  winding up according to their respective priorities, if any, in full or rateably,
  
  as the assets of the society may permit; the surplus, if any, remaining after
  
  payment of the claims being applied in payment of interest from the date of
  
  such order of winding up at a rate fixed by him but not exceeding the contract
  
  rate in any case;
  e.      to determine by what
  
  persons and in what proportions the costs of the liquidation are to be borne;
  f.      to determine whether
  
  any person is a member, past member or nominee of a deceased member;
  g.     to give such
  
  directions in regard to the collection and distribution of the assets of the
  
  multi-State cooperative society as may appear to him to be necessary for
  
  winding up the affairs of that society;
  h.      to carry on the
  
  business of the multi-State cooperative society so far as may be necessary for
  
  the beneficial winding up of the same;
  i.       to make any
  
  compromise or arrangement with creditors or persons claiming to be creditors or
  
  having or alleging to have any claim, present or future, whereby the
  
  multi-State cooperative society may be rendered liable;
  j.       to make any
  
  compromise or arrangement with any person between whom and the multi-State
  
  cooperative society there exists any dispute and to refer to any such dispute
  
  for decision;
  k.      after consulting the
  
  members of the multi State cooperative society, to dispose of the surplus, if
  
  any, remaining after paying the claims against the society, in such manner as
  
  may be prescribed;
  l.       to compromise all
  
  calls or liabilities, to calls and debts and liabilities capable of resulting
  
  in debts, and all claims, present or future, certain or contingent, subsisting
  
  or alleged to be subsisting between the multi-State cooperative society and a
  
  contributory or other debtor or person apprehending liability to the
  
  multi-State cooperative society and all questions in any way relating to or
  
  affecting the assets or the winding up of the society on such terms as may be
  
  agreed any take any security for the discharge of any such call, liability,
  
  debt or claim and give a complete discharge in respect thereof.
  1.     
  
  
  2.     
  
  
  3.     
  
    When
  
  the affairs of a multi-State cooperative society have been wound up, the
  
  liquidator shall make a report to the Central Registrar and deposit the records
  
  of the society in such place as the Central Registrar may direct.