(1) Subject to any rules made in this behalf, the whole of the assess a cooperative society in respect of which an order for winding up has been made, shall vest in the liquidator appointed under Section from the date on which the order takes effect and the liquidator shall power to real such assets by sale or otherwise. (2) Such liquidator shall also have power, subject to the control Central Registrar (a) to institute and defend suits and other legal proceeding behalf of the multi state society (b) to determine from time to time the contribution debts due and costs of liquidation) to be made or remain to be made by the members or past members or by the nominees, heirs or legal representatives of the decease. members or by an officers or former officers to the cooperative society (c) to investigate all claims against the credit cooperative society and subject to the provisions of this Act, to questions of priority arising between claimants (d) to pay claims against the multi state cooperative society including interest up to the date of winding up according their respective priorities if any, in full or powers of liquidator for credit cooperative society as assets of the society may permit and the surplus if remaining after payment of the claims being applied payment of interest from the date of such order of wind. up at a rate fixed by him but not exceeding the contract rats any case (e) to determine by what persons and in what proportions costs of the liquidation are to be borne (f) to determine whether any person is a member, past member or nominee of a deceased member (g) to give such directions in regard to the collection distribution of the assets of the cooperative society as may appear to him to be necessary for winding up affairs of that society (h) to carryon the business of the multi state society so far as may be necessary for the beneficial winding up of multi state cooperative societies.