88. Winding up by Court and voluntary winding up.- (1) The Court may order the winding up of a provident society being a company incorporated under the Indian Companies Act, 1913 (7 of 1913), or under the Indian Companies Act, 1882, (6 of 1882) or under the Indian Companies Act, 18 (10 of 1866), or under any Act repealed thereby and the provisions of the Indian Companies Act, 1913 (7of 1913) shall, subject to the provisions of this Part, apply accordingly. (2) In addition to the grounds on which an order may be based, the Court may order the winding up of a provident society if the Authority, who is hereby authorised to do so, applies in this behalf to the Court on any of the following grounds, namely: (a) that the registration of the society has been cancelled under subsection (4) of Section 70; (b) that it appears from the returns furnished under the provisions of this Act or as the result of an inquiry made under Section 87 that the society, is insolvent; (c) that the continuance of society is prejudicial to interests of the policy holders. (3) A provident society being a company incorporated under the Indian Companies Act, 1913 (7 of 1913) or under the Indian Companies Act, 1882, (6 of 1882), or under the Indian Companies Act 1866 (10 of 1866) or under any Act repealed thereby may be wound up voluntarily in accordance with the provisions of the Indian Companies Act, 1913, but shall not be so wound up except for the purpose of effecting an amalgamation or re construction of the society or on the ground that by reason of its liabilities it cannot continue its business. (4) A provident society not being a company incorporated under the Indian Companies Act, 1913 (7 of 1913) if or under the Indian Companies Act 1882 (6 of 1882), or under the Indian Companies Act, 1866 (10 of 1866) or under any Act repealed thereby may be wound up voluntarily under this Act if a resolution is passed by the proprietors that the society should be wound up voluntarily for the purposes or on the ground specified in sub section (3), and the Authority may, in any case where he has ordered the cancellation of the registration of a society under sub section (4) of Sec. 70, order the winding up of the society under this Act. |
