A final judicial manager must, subject to the provisions of the constitution of the co-operative concerned in so far as they are not inconsistent with any directive contained in the relevant judicial management order or suspended by the registrar in writing—
| (a) |
take over the management and control of the co-operative from the provisional judicial manager. |
| (b) |
conduct such management and control, subject to the orders of the registrar, in such manner as he may deem most economic and most promotive of the interests of the members and creditors of the co-operative in order to restore the co-operative as a successful concern; |
| (c) |
comply with any directive of the court or the Tribunal made in the final judicial management order or any variation thereof; |
| (d) |
keep such accounting records and have such financial statements prepared as the co-operative would have been obliged to keep or have prepared if it had not been placed under judicial management; |
| (e) |
convene the annual general meeting and other meetings of members of the cooperative provided for by the Act, and in that regard comply with all the requirements with which the directors of the co-operative would in terms of the Act have been obliged to comply if the co-operative had not been place under judicial management; |
| (f) |
convene meetings of the creditors of the co-operative by notices issued separately on the dates on which the notices convening annual meetings of the co-operative are issued or on which any interim report is sent out to members, and submit to such meetings reports showing the assets and liabilities of the co-operative, its debts and obligations as verified by the auditor or independent reviewer of the cooperative, and all such information as may be necessary to enable the creditors to become fully acquainted with the co-operative's position as at the date of the end of the period covered by any such interim report; |
| (g) |
lodge with the registrar copies of all the documents submitted to the meetings as provided for in paragraphs (e) and (f); |
| (h) |
examine the affairs and transactions of the co-operative before the commencement of the judicial management in order to ascertain whether any director, past director, officer or past officer of the co-operative has contravened or appears to have contravened any provision of the Act or has committed any other offence which gave rise to the circumstances referred to in regulation 58(1); |
| (i) |
examine the affairs and transactions of the co-operative before the commencement of the judicial management in order to ascertain whether any director, past director, officer or past officer of the co-operative is or appears to be personally liable for damages or compensation to the co-operative or for any debts or liabilities of the co-operative; |
| (j) |
if at any time he is of the opinion that the continuation of the judicial management will not enable the co-operative to become a successful concern, apply to the court or the Tribunal after not less than 14 days' notice by registered post to all members and creditors of the co-operative for the cancellation of the relevant judicial management order and the issue of an order for the winding-up of the co-operative; |
Older Persons Act, 2006
