Amendment status not verified — confirm the current text below against the official source.
Amalgamation and division of Societies.—(1) Any two or more Societies may, by a special resolution of both or all such Societies, and confirmed by a like resolution at a second meeting of both or all such Societies, convened after an interval of one month after the first meeting, get amalgamated into one Society with or without any dissolution or division of the funds of any of the societies with intimation to the Registrar. (2) Any Society may, by a special resolution divide itself into two or more Societies, and such resolution shall contain proposals for the division of the assets and liabilities of the Society among the new Societies into which it is proposed to divide itself and may also specify the area of operation of, and the members, who will constitute each of the new Societies. (3) An amalgamation or division in pursuance of this section shall not prejudice any right of a creditor of any Society which was a party to such amalgamation or division.