Section 68 — Distribution of fund of a dissolved Cooperative Society.

On dissolution of a co-operative society, the reserve fund and any undisbursed cash in hand shall be applied to discharging liabilities of the co-operative society and the repayment of the share capital. Any sum that may remain may be applied to such item of local and public utility as may be selected by the members of the dissolved co-operative society and approved by the Registrar. If within three months of the notice published in the Official Gazette under section 69, notifying the closing of the liquidation proceeding of the co-operative society, the members fail to select an object as aforesaid, the Registrar shall with the approval of Government, apply the fund to such local public utility as may be determined by him or credit the remaining sum to the reserve fund of a cooperative society, to be formed to replace the dissolved co-operative society of if there be no such cooperative society to any other deserving cooperative society existing within the same area of operation and have objects similar to those of the dissolved cooperative society or if there be no such cooperative society to any other registered co-operative society in the state, as may be determined by the Registrar or as provided in the rules.