Part 14 — Winding-up, Liquidation and Dissolution of Cooperatives Division 1 Receivers and Receiver-Managers
317 Powers of Court
cooperative, the Court may, if it is satisfied that the cooperative is
able to pay or adequately provide for the discharge of all its
obligations, make any order it thinks fit, including an order
(a) liquidating the cooperative;
(b) appointing a liquidator, w ith or without security, and fixing
the liquidator's remuneration;
(c) replacing a liquidator;
(d) appointing inspectors, specifying their powers and fixing
their remuneration, or replacing inspectors;
(e) determining the notice to b e given to any interested person,
or dispensing with notice to any person;
(f) determining the validity of any claim made against the
cooperative;
(g) at any stage of the proceed ings, restraining the directors and
officers from
(i) exercising any of their powers, or
(ii) collecting or receiving any debt or other property of the
cooperative or paying out or transferring any property of
the cooperative, except as permitted by the Court;
(h) determining and enforcing the duty or liability of any
present or former director, officer, member or investment
shareholder
(i) to the cooperative, or
(ii) for an obligation of the cooperative;
(i) approving the payment, satisfaction or compromise of
claims against the cooperative and the retention of assets for
those purposes, and determining the adequacy of provisions
for the payment or discharge of obligations of the
cooperative, whether liquidated, unliquidated, future or
contingent;
(j) disposing of or destroying documents and records of the
cooperative;
(k) on the application of a creditor, the inspectors or the
liquidator, giving directions on any matter arising on the
liquidation;
(l) after notice has been given to all interested parties, relieving
a liquidator from an omission or default on any terms that
the Court thinks fit and confirming any act of the liquidator;
(m) subject to section 323, approving any proposed interim or
final distribution to members or investment shareholders in
money or in property in accordance with their respective
rights;
(n) disposing of any property that belongs to creditors, membe rs
or investment shareholders who cannot be found;
(o) on the application of a d irector, officer, member, investment
shareholder or creditor or the liquidator,
(i) staying the liquidation on any terms and conditions that
the Court thinks fit,
(ii) continuing or discontinuing the liquidation proceedings,
or
(iii) requiring the liquidator to restore to the cooperative a ll
its remaining property;
(p) after the liquidator has rendered a final account to the C ourt,
dissolving the cooperative.