Section 100: Disposal of assets on liquidation

100. Disposal of assets on liquidation (1) Where a society is wound up, its assets shall be applied to the payment, in the following order of priority, of— (a) the costs of the liquidation; (b) all privileged creditors; (c) all deposit liabilities to its creditors; (d) all other liabilities of the society; (e) dividends in arrears on preference shares; (f) redeemable preference shares held by its members; (g) preference shares held by its members; (h) ordinary shares held by its members; (i) a dividend or bonus to its members; and (j) any balance to the Fund. (2) Where the liquidation of a society has been closed, the liquidator shall give notice of the closure of the liquidation in the Gazette and in 2 daily newspapers. (3) Notwithstanding any other enactment, any claim against a society shall be barred after one year from the date of the publication of the notice under subsection (2). (4) The Registrar may, 15 days after the one year period referred to in subsection (3), cancel the registration of the society.