(1) In this section:
co-operative housing body to which this section applies means a co-operative housing body:(a) that is being wound-up, or(b) that is under the management of an administrator, or(c) in relation to which a receiver or manager has been appointed, whether by the Court or under the powers contained in any instrument, or(d) that has ceased to carry on business or is unable to pay its debts, or(e) that has entered into a compromise or scheme of arrangement with its creditors.
prescribed person means:(a) a liquidator or provisional liquidator of the co-operative housing body concerned, or(b) if the co-operative housing body concerned is under the management of an administrator—the administrator or a member of the body, or(c) a person authorised by the Registrar to apply under subsection (3).(2) For the purposes of subsection (1), a co-operative housing body has ceased to carry on business in the circumstances mentioned in section 207 (2) (Offences by officers).(3) If, on application by the Registrar or a prescribed person, the Court is satisfied that a person who has taken part in the formation, promotion, administration, management or winding-up of a co-operative housing body to which this section applies:(a) has misapplied or retained or become liable or accountable for property of the co-operative housing body, or(b) has been guilty of negligence, default, breach of trust or breach of duty in relation to the co-operative housing body and that the body has suffered, or is likely to suffer, loss or damage as a result,the Court may make 1 or both of the orders mentioned in subsection (4).(4) The orders that may be made under subsection (3) are:(a) an order directing the person to pay money or transfer property to the co-operative housing body, and(b) an order directing the person to pay to the co-operative housing body the amount of the loss or damage.(5) This section applies to the receipt of any money or property by an officer or former officer of the co-operative housing body, whether by way of salary or otherwise, that appears to the Court to have been unfair or unjust to the body or its members.(6) This section applies despite the fact that the person concerned may be criminally liable in relation to the matters in relation to which the order is sought.(7) If the Court is satisfied that an application was made under this section without reasonable cause, it may order the whole or any part of the costs incurred by the person against whom the order was sought to be paid by the applicant.