Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the provisions of this Act and the Rules, a society may by amendment of its bye-laws, change the form of extent of its liability. (2) When a society has passed a resolution to change the form of extent of its liability, it shall give notice thereof in writing to all its members and creditors and, notwithstanding anything in any bye- law or contract to the contrary, any member or creditor shall during a period of one month from the date of service of such notice upon him have the option of withdrawing his shares, deposits or loans. Power to direct amendment of bye-laws. Change of name. Change of liability. APCS ACT 1978 9 (3) Any member of 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 bye-laws of a society, changing the form or event of its liability, shall not be registered or take effect until, either – (a) all members and creditors have assented, or deemed to have assented, thereto as aforesaid; or (b) all claims of members and creditors who exercise the option, given by sub-section (2), within the period specified therein, have been met in full or otherwise satisfied.