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Co-operatives Act, 2005 (Act No. 14 of 2005)

Regulations

Co-operatives Administrative Regulations, 2016

Chapter 2 : Winding Up and Judicial Management of Co-operatives

Part B : Judicial Management of Co-operatives

127. Purpose of meetings convened under regulation 126(b)

 

(1)

(a) Any meeting convened under regulation 126(b) must be presided over by the registrar or a magistrate having jurisdiction in the area where the meeting is held.
(b) Any meeting referred to in paragraph (a) must be convened—
(i) in the case of a meeting of the co-operative concerned, in the manner prescribed in the constitution of that co-operative for the convening of a general meeting; and
(ii) in the case of a meeting of creditors, by a notice in the Gazette and in one or more newspapers circulating in the area in which the registered office of the co-operative is situated, not less than seven days prior to such meeting.

 

(2) At the meeting the report of the provisional judicial manager under regulation 126(c), and the desirability or not of placing the co-operative finally under judicial management, must be considered, taking into account the prospects of the co-operative becoming a successful concern.

 

(3) The chairman of any such meeting must prepare and lay before the court or the Tribunal a report of the proceedings of such meeting, including a summary of the reasons for any conclusion arrived at under sub-regulation (2).

 

 


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