Rule 29 - Application of assets of the multi-state cooperative society - Multi-State Cooperative Societies Rules, 2002

Application of assets of the multi-state cooperative society 29. The assets of the Multi-state cooperative society shall be applied in order of priority as given below for payment of the liabilities: (1) Pro-rata payment of all outside liabilities. (2) Pro-rata repayment of loans and deposits of members. (3) Pro-rata refund of share capital. (4) Pro-rata payment of dividend on the share at the rate not exceeding 6.25 per cent per annum for the period of liquidation.