Amendment status not verified — confirm the current text below against the official source.
Change of Liability of a Co-operative Society:- (1) Every notice to be given under sub-section (2) of section 12 shall be sent by post under certificate of posting or otherwise to the address of each of its members and creditors as recorded in the books of the society. A copy of such notice shall be exhibited on the notice board or on the outer wall of society's building or at a conspicuous public place and a copy shall also be sent to the Registrar for exhibition on the notice board of his office; and there upon, the notice of resolution to change the form or extent of its liability shall be deemed to have been duly given to all its members and creditors, notwithstanding the fact that such notice had not been sent to their correct address or that it had not been received by them. (2) For the purpose of determining the claims of a member under clause (b) of the sub-section 12, the value of a share of a member in a co-operative society shall be ascertained as in the following manner, namely: 48 Registrar of Co-operative Societies, Co-operative Department, A&N Islands, VIP Road, Junglighat, Port Blair, PIN-744103 (Contact No.03192232388), 2019. ANDAMAN & NICOBAR GAZETTTE, EXTRAORDINARY, OCT, 16, 1974 (a) in the case of a co-operative society with limited liability, the value of a share shall be the actual amount received by the co-operative society in respect of such share; and (b) in the case of a co-operative society with unlimited liability, the value of the shares shall be the amount arrived at by a valuation based on the financial position of the co-operative society as shown in the last audited balance sheet: Provided that it shall not exceed the actual amount received by the co-operative society in respect of such shares. (3) Any member or creditor desiring to exercise his option under sub-section (2) of section 12 shall inform the co-operative society accordingly in writing and when he does not propose to withdraw his entire shares or deposits the member or creditor shall clearly indicate in writing the extent of his withdrawals. The co- operative society shall examine and draw up a scheme for orderly payment of all claims in an equitable manner including shares, the value of which shall be ascertained in accordance with provisions of sub-rule (3). The scheme may also provide for settlement of claims by mutual agreement. Where the Registrar does not approve the scheme on the ground of impracticability or undesirability, resolution passed by the co-operative society for amendment of its bye-laws or the purpose shall be ineffective and the form and extent of liability of co-operative society shall not be changed in accordance with the resolution so passed. (4) After the Registrar approves the scheme, the co-operative society shall make payments to member and creditors as provided for in clause (b) of sub-section (b) of sub-section (4) of section 12 and make a report to that effect to the Registrar and the Registrar shall thereupon proceed to register the amendment to the bye- laws of the co-operative society. (5) Subject to the provisions of this rule the provisions of section 10 and rules 10 to 12 shall apply to an amendment of the bye-laws of a society for purpose of changing the form or extent of its liability. * Rule 16: Amalgamation, Transfer of Assets and Liabilities or Division of societies:- (1) Every Co-operative Society desiring to effect amalgamation, transfer of assets and liabilities or division shall make an application to the Registrar to that effect, giving full details about such amalgamation, transfer, or division, as the case may be. 49 Registrar of Co-operative Societies, Co-operative Department, A&N Islands, VIP Road, Junglighat, Port Blair, PIN-744103 (Contact No.03192232388), 2019. ANDAMAN & NICOBAR GAZETTTE, EXTRAORDINARY, OCT, 16, 1974 (2) On receipt of such application, the Registrar may, after examining the details furnished in the application and such other particulars which he may call upon the co-operative society to furnish, give his approval to the amalgamation, transfer or division if he considers such amalgamation, transfer or division as the case may be, to be in the interest of the co-operative society. (3) After the receipt of the Registrar's approval under sub-rule (2), the co- operative society shall convene special general meeting by giving notice of at-least clear 15 days to all its members and creditors and pass a resolution for amalgamation, transfer of assets and liabilities or division, as the case may be by a majority of two third members present and voting at the meeting. The resolution so passed shall contain the purpose and the full scheme indicating how the proposed amalgamation, transfer or division would be useful to the co-operative society and be given effect to. Where the scheme does not involve transfer of liabilities of the co-operative society to another co-operative society a statement to that effect shall be made in the application to be made under sub-rule (1). (4) Notice of such resolution, as required by section 13(4), to the members and creditors of the co-operative society shall be in the form prescribed in appendix 'E'. The notice may also be published in a newspaper in circulation in the district in which the society's office is situated and a copy thereof shall be exhibited in the notice board of the society or in outer wall of the building of the co-operative society or in any conspicuous public place and also on the notice board of the Registrar's office. (5) The Co-operative Society shall meet in full or otherwise satisfy all claims of members and creditors and other interested persons who exercise the option in pursuance of the notice under sub-rule (4). (6) The co-operative society shall submit a report to the Registrar of the action taken by it and request him to give effect to its decision for amalgamation, transfer or division by registering the amalgamated or the new co-operative society as the case may be, and cancelling the registration of the co-operative societies which have been amalgamated or divided. (7) On receipt of the report from the Co-operative Society under sub-rule(6), the Registrar shall, after satisfying himself that the procedure has properly been followed, register the amalgamated or divided societies and cancel the registration of the co-operative societies which have been amalgamated or divided" * No.165/1/1(135)/75-DII (Vol.II):- Inserted vide Chief Commissioner's Notification NO.164/74/F.No.1/1(135)/73-Dev.II dated 16th October, 1974, published in the Andaman and Nicobar Gazette Extraordinary No. 167 dated 16th October, 1974. 50 Registrar of Co-operative Societies, Co-operative Department, A&N Islands, VIP Road, Junglighat, Port Blair, PIN-744103 (Contact No.03192232388), 2019. ANDAMAN & NICOBAR GAZETTTE, EXTRAORDINARY, OCT, 16, 1974