Cooperatives Act, 2017

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 rights that the General Assembly, Committee, and Audit Supervision Committee of the problematic institution or association are entitled to exercise under this Act, rules, or regulations made under this Act,
(b) To summon, interrogate, take statements, and require the production of necessary documents from any person deemed necessary by the Management Committee, including members of the committee of the problematic institution or association, their families, relatives, employees of the institution, employees of other institutions, associations, or companies related to the institution or association, other persons or institutions having knowledge of relevant facts or conducting transactions through collusion,
(c) To collect accurate details and statistics of the assets and liabilities of the problematic institution or association and to study, analyze, settle accounts, and evaluate them,
(d) To take possession of the assets of the problematic institution or association,
(e) To take under its control the entire management, including decisions and records relating to the work and activities of the problematic institution or association,
(f) To recover loans, outstanding dues, and other amounts receivable by the problematic institution or association by adopting procedures under this Act, rules, or regulations made under this Act,
(g) To auction sell the property held as collateral of the problematic institution or association as necessary, in accordance with this Act, rules, or regulations made under this Act,
(h) To sell, use, and manage the assets of the problematic institution or association,
(i) To prepare records relating to the savings and share amounts of members and depositors of the problematic institution or association,
(j) To refund or pay savings to members and depositors,
(k) To exercise all powers vested in a Liquidator under this Act or rules made under this Act for the purpose of asset management and liability payment of the problematic institution or association,
(l) If it is found that the directors, employees, or members of their families of the problematic institution or association have used the savings of depositors, wholly or partially, in any company, institution, or financial transaction or business, to take possession of the amount so used or the property increased thereby, and to carry out necessary proceedings for auction sale or recovery to fully compensate the depositors' savings from such property,
(m) To file Added by the Act to Amend Some Nepal Acts Relating to Cooperatives, 2024.lawsuits or legal proceedings and make legal defenses on behalf of the problematic institution or association,
(n) To take possession of movable and immovable property of the problematic institution or association held in the name of directors, employees, members of their families, or other persons, or immovable property purchased from the assets of the institution or association, and to refund the savings to depositors by auction selling such property, among other actions.