Cooperatives Act 2074

Chapter 18 Problematic Organisations or Associations

Section 106: Functions, duties and powers of Management Committee
The Functions, duties and powers of the Management Committee shall be as follows:
(a) To exercise all powers which the General Meeting, Board and Accounts Supervision Committee of the problematic Organisation or Association may exercise under this Act, or Rules and Byelaws framed under this Act,
(b) To get presence in the Management Committee of the members of the problematic Organization or Association, his or her family members, relatives, employees of the problematic Organization or Association, other Organization or Association or companies associated with the problematic Organization or Association, employees of such companies, other persons or organisations having relevant information or having transactions in collusion or the persons which the Management Committee deems appropriate, to inquire with them, record their statements require to submit relevant documents,
(c) To collect accurate information on assets and liabilities of the problematic Organisation or Association and to collect, study, analyse and evaluate the statistics relating to them,
(d) To take custody of the assets of the problematic Organisation or Association,
(e) To take control of complete management, including decisions and records of the functioning of the problematic Organisation or Association,
(f) To recover the debts, due amount or other amount to be recovered by the problematic Organisation or Association, having followed the procedures of this Act or Rules or Byelaws framed under this Act,
(g) To sell by auction the assets under mortgage of the problematic Organisation or Association, having followed the procedures of this Act or Rules or Byelaws framed under this Act,
(h) To sell, use and manage the assets of the problematic Organisation or Association,
(i) To prepare records of savings and shares amounts of depositors and members of the problematic Organisation or Association,
(j) To repay or return the savings of the members and depositors,
(k) To exercise all powers conferred on the Liquidator by this Act or Rules or Byelaws framed under this Act for the management of assets of the problematic Organisation or Association and to pay the liabilities,
(l) In case it is found that director or employee of the problematic Organisation or Association or his or her family member has used whole or part of savings of depositors in any other company, or organisation or in any enterprise or business, to seize the assets so used and assets accrued from it and to sell by auction such assets and to take other necessary actions of recovery for payment to depositors,
(m) To legally defend on behalf of the problematic Organisation or Association,
(n) To seize the assets of the Organization or Association kept in the name of a director or employee of the problematic Organization or Association or his or her family member or in the name of any other person; or the movable or immovable assets purchased from the assets of the Organization or Association and to sell by auction such assets and to take other necessary actions of recovery for payment to depositors.