Section 42: Power of Director to control liquidation.

(1) A liquidator shall exercise his powers subject to the control and supervision of the Director, who may-
(a) rescind or vary any order made by a liquidator and make whatever new order as he considers to be required in the circumstances;
(b) remove a liquidator from office;
(c) call for books, documents and assets of the society;
(d) by order in writing, limit the powers of a liquidator under section 40 of this Act;
(e) require accounts to be rendered to him by the liquidator;
(f) authorise the auditing of the liquidator’s account and the distribution of the assets of the society;
(g) make an order for remuneration of the liquidator;
(h) refer any subject of dispute between a liquidator and any third party to an arbitrator if the party consents in writing to be bound by the decision of the arbitrator.
(2) A person who-
(a) wilfully neglects of refuses to do an act or to furnish an information required for the purpose of subsection (1) of this section; or
(b) furnishes information knowing it to be false; or
(c) without reasonable excuse, disobeys an order under subsection (1) of this section, is guilty of an offence and liable on conviction to a fine of not less than N1,000 or to imprisonment for a term of not less than six months or to both such fine and imprisonment.