(2) 1[ A liquidator appointed under sub- section (1) shall have power--
to institute and defend suits and other legal proceedings on behalf of the society by his name of office;
to determine the contribution to be made by the members and past members of the society respectively to the assets of the society;
to investigate all claims against the society and, subject to the provisions of this Act, to decide questions of priority arising between claimants;
to determine by what persons and in what proportions the costs of the liquidation are to be borne; and
to give such directions in regard to the collection and distribution of the assets of the society, as may appear to him to be necessary for winding up the affairs of the society.