Amendment status not verified — confirm the current text below against the official source.
Division and amalgamation of societies.—(1) (i) Any registered society ■may, at a meeting of its General Assembly specially called for the purpose, resolve |U) divide into two or more societies. At least fifteen clear days’ notice of such ■meeting with the agenda shall be given to its members together with a copy of llhe proposed resolution. (ii) Such a resolution shall contain the proposal as to how to divide the ■assets and liabilities of the society among the newly proposed societies, their ■teas of operation and the members who will constitute each of the newly proposed .societies with draft new bye-laws. (iii) A cop1; of the resolution shall be sent to the Registrar within thirty ■days of its adoption and subject to the Registrar’s non-intorference within thirty flays of the despatch to him of the resolution, the resolution shall be circulated lunong the members and creditors of the society. (iv) Notwithstanding any bye-laws to the contrary, any member of the Inciety, and notwithstanding any agreement to the contrary, any creditor of the ■society, may by notice given to the society within thirty days of the receipt of the ■resolution intimate in case of a member his intention not to become a member If any of the societies, and in case of a creditor his intention to demand a return lif the amount due to him. (v) After the expiry of ninety days from the passing of the aforesaid reso lution a meeting of the General Assembly shall be convened for finally deciding lihe resolution. At least fifteen clear days’ notice with the agenda of the meeting ■ ■shall be given to all members of the society. . I (vi) If the General Assembly decides by a three-fourth majority finally to : liivide the society and if the Registrar approves of the decision, the members, r |'«ho will constitute each of the newly proposed societies subscribing to the new: 'Substituted by the A.O., 1950 for “Provincial”. CHAPTER III convcyan draft bye-laws shall apply to the Registrar under section 10 for registration of the new societies and the Registrar shall register the societies under section 11 (vii) The Registrar shall not register the new societies if the application for registration is not accompanied by a certificate of repayment of share capital to members and certificate of satisfaction of claims to creditors referred to in clause (iv). (viii) From the date on which the new societies are registered und clause (vi) the registration pf the old society shall be deemed to have been can: celled. (ix) The registration of the new societies shall be a sufficient conveyane to vest the assets and liabilities of the original society according to the aforesaij resolution in the new societies. (2) (i) Two or more registered societies may, at a meeting of their respect! General Assemblies specially convened for the purpose, by giving at least fifte clear days’ notice to the respective members of the societies, resolve to amalg mate into one society by adopting common bye-laws. (ii) A copy of such resolution of each society shall be circulated forthwith among all members and creditors thereof. (iii) Notwithstanding any bye-laws to the contrary, any member of an such societies and, notwithstanding any agreement to the contrary, any credit of any such societies, may within a period of thirty days from the receipt of t aforesaid resolution, intimate his intention not to become a member of the net society, in the case of a member, and to demand a return of the amount due. him, in. the case of a creditor. (iv) After the expiry of ninety days from the date of the aforesaid res® lution, a joint meeting of the members of such societies shall be convened t« decide finally the aforesaid resolution. (v) At least fifteen clear days’ notice shall be given to all the members the societies. If at such meeting the aforesaid resolution is confirmed by a maj# rity of three-fourths of the members of each society present and the common by laws are accepted with or without any alterations, the Registrar shall be move by an application under section 10 for registration and he shall register the ne! society under section 11 if he approves. (vi) The Registrar shall not register the new society if the application fc registration is not accompanied by a certificate of repayment of share capital to members and a certificate of satisfaction of claims of creditors referred to is clause (iii). (vii) From the date on which the new society is registered the registratic of the old societies shall be deemed to have been cancelled. (viii) The registration of the new society shall be a sufficient to vest in it all the assets and the liabilities of the original societies. Rights and Liabilities of members of Registered Societies conditio) of a m