Amendment status not verified — confirm the current text below against the official source.
Amalgamation, transfer of assets and liabilities division or conversion of Societies.- (1) Every society desiring to effect amalgamation, transfer of assets and liabilities, division or conversion shall make an application to the Registrar in that behalf, giving full details about such amalgamation, transfer, division or as the case may be, conversion. (2) On receipt of such application, the Registrar may, after examining the details furnished in the application and other particulars which he may call upon the society to furnish, give his approval to the amalgamation, transfer, division, or conversion, if he considers such amalgamation, transfer, division or conversion, as the case may be, to be in the interest of the society. (3) After the receipt of Registrars approval under sub-rule (2) the society shall convene a special general meeting by giving notice of at least 15 clear days to all its members and creditors and pass a resolution for amalgamation, transfer of assets and liabilities, division or conversion, as the case may be, by two-third majority of the 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 or conversion would be useful to the society and be given effect to. Where the scheme does not involve transfer of liabilities of the society to another society a statement to that effect shall be made in the application to be made under sub-rule (1). Where the scheme involves transfer of liabilities of the society, the society shall give written notice in Form G to all its members, creditors and other persons whose interests are likely to be affected by such transfer. The notice shall also be published in at least one newspaper in circulation in the district in which the society’s office is situated and copy thereof shall be exhibited on the notice-board in the society and Registrars office: Provided that the State Government may in the case of any society, dispense I with the giving of such notice, regard being had to the extent of liabilities, the I financial position of the society and its members and other relevant factors 1 pertaining to such society. (4) Within one month from the date of notice referred to in sub-rule (3), the members, creditors and other persons whose interests are likely to be effected by the transfer of the society’s liabilities may exercise their option as required by clause (i) of the proviso to sub-section (1) of section 17 falling which they shall be deemed to have assented to the transfer of liabilities of the society to another society. (5) The Society shall meet in full or otherwise satisfy all claims of members and creditors and other interested persons who exercise the, option. (6) The 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, division or conversion by registering the amalgamated or converted society or the new society as the case may be, and canceling the registration of the societies which have been amalgamated, divided or converted. (7) On receipt of the report from the society under sub-rule (6), the Registrar shall after satisfying himself that the procedure has been properly followed, register the amalgamated, divided or converted societies and cancel the registration of the societies which have been amalgamated, divided or converted.