Question

The legal closure of the activities of the Co-operative society is known as

• A. Winding up
• B. Arbitration
• C. Liquidation
• D. Registration

Answer 1

Answer:

A. Winding up

The legal closure of a cooperative society's activities is called dissolution or cancellation:

• Dissolution

  Involves redistributing the society's assets and property, and ending its registration. To dissolve, a society must:

  • Complete the Instrument of Dissolution form

  • Get approval from the members

  • Follow the society's rules

• Cancellation

  Reverses the effect of registration, and the society is no longer a legal entity.

• Liquidation

  When the cancellation of the registration of a society takes effect, the society shall cease to exist as a corporate body.