The surplus assets, as shown in the report of a liquidator of a multi- State co-operative society which is wound up,—
(a)may, if the bye-laws of the multi-State co-operative society specify the purpose for which surplus shall be utilised, be utilised by the Central Registrar for the said purpose, and
(b)if the bye-laws aforesaid do not specify the purpose, be divided by the Central Registrar with the previous sanction of the Central Government, amongst the members of such multi-State co- operative society in such manner as may be prescribed.