Part 14 — Winding-up, Liquidation and Dissolution of Cooperatives Division 1 Receivers and Receiver-Managers
322 Powers of liquidator
(a) retain any person the liquidator considers appropriate;
(b) bring, defend or take p art in any civil, criminal,
administrative, investigative or other action or proceeding in
the name of and on behalf of the cooperative;
(c) carry on the busin ess of the cooperative as required for an
orderly liquidation;
(d) sell any property of the co operative by public auction or
private sale;
(e) do all acts and execute any documents in the name of and on
behalf of the cooperative;
(f) borrow money on the secu rity of the property of the
cooperative;
(g) settle or compromise any claims by or against the
cooperative;
(h) do all other things necessary for the liquidation of the
cooperative and the distribution of its property.
(2) A liquidator is not liable under this Division if the liquidator
exercised the care, diligence and skill that a reasonably prudent
person would exercise in comparable circumstances to prevent the
failure to fulfil the liquidator's duties, including reliance in good
faith on financial statements of the cooperative, on the reports of
experts and on information presented by officers or professionals.
(3) If a liquidator has reason to believe that any property of the
cooperative is in the possession or control of a person or that any
person has concealed, withheld or misappropriated any property of
the cooperative, the liquidator may apply to the Court for an order
requiring the person to appear before the Court to be questioned at
the time and place designated in the order.
(4) If the questioning referred to in subsection (3) discloses that
the person has in that person's possession or under that person's
control or has concealed, withheld or misappropriated property of
the cooperative, the Court may order the person to restore it or pay
compensation to the liquidator.
2001 cC-28.1 s322;2009 c53 s41