Amendment status not verified — confirm the current text below against the official source.
Change of liability :- (1) Subject to the provision of this Regulation and the rules, a co-operative society may, by an amendment of its bye-laws, change the form or extent of its liability. (2) When a co-operative society has passed a resolution to change the form or extent of its liability, it shall give notice thereof in writing to all its members and creditors and, notwithstanding any bye-laws or contract to the contrary, any member or creditor shall, during a period of one month from the date of service of the notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be. (3) Any member or creditor who does not exercise his option within the period specified in sub-section (2) shall be deemed to have assented to the change. (4) An amendment of a bye-law of a co-operative society changing the form or extent of its liability shall not be registered or shall not take effect until either (a) all the members and creditors have assented, or deemed to have assented, to the change: or (b) all claims of the members and creditors who exercise the option referred to in sub-section (2) within the period specified therein have been met in full or otherwise satisfied. 13) Amalgamation, transfer of assets and liabilities and division of co- operative societies:- (1) A co-operative society may, with the previous approval of the Registrar and by a resolution passed by a two thirds majority of the members present and voting at the general meeting of the society:- (a) transfer its assets and liabilities in whole or in part to any other co- operative society ; (b) divide itself into two or more co-operative societies; (2) Any two or more co-operative societies may, with the previous approval of the Registrar and by a resolution passed by a two thirds majority of the members present and voting at a general meeting of each such society, amalgamate themselves and form a new co-operative society. (3) The resolution of a co-operative society under sub-section (1) or sub-section (2) shall contain all particulars of the transfer, division or amalgamation, as the case may be. (4) When a co-operative society has passed any such resolution, it shall give notice thereof in writing to all its members and creditors and notwithstanding any bye-laws or contract to the contrary, any member or creditor shall, during the period of one month of the date or service of the notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be. 8 Registrar of Co-operative Societies, Co-operative Department, A&N Islands, VIP Road, Junglighat, Port Blair, PIN-744103 (Contact No.03192232388), 2019. (5) Any member or creditor who does not exercise his option within the period specified in sub-section (4) shall be deemed to have assented to the proposals contained in the resolution. (6) A resolution passed by a co-operative society under this section shall not take effect, until either- (a) all the members and creditors have assented, or are deemed to have assented, to the resolution aforesaid; or (b) all claims of the members and creditors who exercise the option referred to in sub-section (4) within the period specified therein have been met in full or otherwise satisfied. (7) Where a resolution passed by a co-operative society under this section involved the transfer of any assets and liabilities, the resolution shall, not withstanding anything contained in any law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance. 14) Cancellation of registration certificates of co-operative societies in certain cases:- (1) Where the whole of the assets and liabilities of a co-operative society are transferred to another co-operative society in accordance with the provisions of section 13, the registration of the first-mentioned co-operative society shall stand cancelled and that co-operative society shall be deemed to have been dissolved and shall cease to exist as a corporate body. (2) Where two or more co-operative societies are amalgamated into a new co- operative society in accordance with the provisions of section 13, the registration of each of the amalgamating societies shall stand cancelled on the registration of the new society and each society shall be deemed to have dissolved and shall cease to exist as a corporate body. (3) Where a co-operative society divides itself into two or more co-operative societies in accordance with the provisions of section 13, the registration of that society shall stand cancelled on the registration of the new societies and that society shall be deemed to have been dissolved and shall cease to exist as a corporate body. (4) The amalgamation and splitting of co-operative societies shall not in any manner whatsoever affect and right or obligation of the resulting co-operative society or societies or render defective any legal proceedings by or against the co- operative society or societies, and any legal proceedings that might have been continued or commenced by or against the co-operative society or societies, as the case may be, before the amalgamation or splitting, may be continued or commenced by or against the resulting co-operative society or societies. 9 Registrar of Co-operative Societies, Co-operative Department, A&N Islands, VIP Road, Junglighat, Port Blair, PIN-744103 (Contact No.03192232388), 2019. CHAPTER III MEMBERS OF CO-OPERATIVE SOCIETIES AND THEIR RIGHTS AND LIABILITIES