Gujarat Co-operative Societies Act, 1961
(1) The winding up proceedings of a society shall be closed within three years form the date of the order of the winding up, unless the period is extended by the Registrar : Provided that, the Registrar shall not grant any extension for a period exceeding one year at a time and four years in the aggregate, and shall, immediately after the expiry of seven years form the date of the order for winding up of the society, deem that the liquidation proceedings have been terminated, and pass an order terminating the liquidation proceedings. Explanation .—In the case of a society which is under liquidation at the date of the commencement of this Act, an order for the winding up of the society shall be deemed for the purpose of this section to have been passed on the said date. (2) Notwithstanding anything contained in sub-section (1) the Registrar shall terminate the liquidator proceedings on receipt of the final report form the liquidator. The final report of the liquidation proceedings of the society have been closed, and also state how the winding up has been conducted and the property and claims of the society have been disposed of, and shall include a statement showing a summary of the account of the winding up including the cost of liquidation, the amount if any, standing to the credit of the society, after paying off its liabilities including the share or interest of members and shall suggest how the surplus should be utilized. (3) the Registrar, on receipt of the final report from the liquidator, shall direct the liquidator to convene a general meeting of the members of the society for recording the report.