Section 44. Final accounts.

(1) A liquidator shall pay the cost of liquidation out of the property of the Co-operative Society and shall Pay or make adequate provision for all claims against the Co-operative Society. (2) After paying or making adequate provision for all claims against the Co-operative Society, the liquidator shall apply to the Registrar for approval of his final accounts and for permission to distribute in money or in kind the remaining property of the Co-operative Society in accordance with the bye-laws. (3) Where the Registrar approves the final accounts rendered by a liquidator in pursuance of sub section (2), he shall, (a) issue directions with respect to the custody or disposal of the documents and records of the Co-operative Society; and (b) discharge the liquidator. (4) Where the Registrar discharges a liquidator in pursuance of sub section (3), he shall issue a certificate of dissolution. 1[(5) The Co-operative Society ceases to exist on the date shown in the certificate of dissolution which shall not be later than three years after the appointment of the liquidator which is extendable for further period of two years by the Registrar with reasons recorded thereof.]