(1) When a liquidation has been closed and any creditor of a liquidated society has not claimed or received what is due to him under the scheme of distribution, the closing of the liquidation shall be published in the Gazette and no claims shall lie against the funds of the society liquidated after the expiration of two years from the date of the publication of the Gazette notice.

(2) All moneys lying so unclaimed shall be available for use by the Registrar for any co-operative purpose at his discretion.