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

124. Custody of property and appointment of provisional judicial manager on granting of judicial management order
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(1)When a provisional judicial management order is granted—
(a)all persons who immediately prior to the commencement of the provisional judicial management order of the co-operative hold office as director, manager or secretary of the co-operative will jointly and severally be responsible for the custody of all the assets of the co-operative under the co-operative's control until a provisional judicial manager is appointed and has assumed office.
(b)the registrar must without delay appoint a provisional judicial manager, who must give such security for the proper performance of his duties in his or her capacity of such as the registrar may direct, and who must, subject to the provisions of subsection (2), hold office until discharged by the court or the Tribunal or dismissed by the registrar under sub regulation (2).

 

(2)The registrar may at any time and for reasons which he deems fit dismiss a provisional judicial manager from his office and appoint another person in his place.