Amendment status not verified — confirm the current text below against the official source.
Registrar may order a meeting of creditors.—(1) Notwithstanding any- thing contained in this Act, where a compromise or arrangement is proposed: between a registered society and its creditor or creditors or any class of them 1 ’ the Registrar, upon an application made by a registered society or by liquidator-J in case of a society in respect of which an order has been passed for tire winding jlfv up thereof, or by a creditor or creditors or any class of creditors, may order a meeting of the creditors. „ (2) If a majority in number of creditors or the class of creditors as the case may be, representing claims to three-fourths of the debts due by the society^ to the creditors or class of creditors, at a meeting agree to any compromise or arrangement and if the Registrar agrees to such compromise or arrangement and;: gives his sanction then the compromise or the arrangement shall be binding on-; jp all the creditors or class of creditors and also on the society or on the liquidator' tr, in the case of a society in respect of which an order has been passed for the- ’ winding up thereof, and on < " to contribute to the assets of CHAPTER XV an in all persons who may be required by the liquidator?* the society. - j .or 1 in th Miscellaneous