Amendment status not verified — confirm the current text below against the official source.
(1) Where the whole of the assets and liabilities of a Cooperative Society are transferred to another Co-operative Society in accordance with provisions of section 14 the registration of the first mentioned Cooperative Society, shall stand cancelled and the Society shall be deemed to have been dissolved and shall cease to exist as corporate body. (2) Where two or more Co-operative Societies are amalgamated into a new Co-operative Society in accordance with the provisions of section 14, the registration of each of the amalgamating Societies shall stand cancelled on the registration of the new Society and each Society shall be deemed to have dissolved and shall cease to exist as a corporate body.br (3) Where a Co-operative Society divides itself into two or more Cooperative Societies in accordance with the provisions of section 14, the registration of that Society shall stand cancelled on the registration of the new Societies, and that Society shall be deemed to have been dissolved and shall cease to exist as a corporate body.br 1 [(4) A Co-operative Credit Structure Society shall have the freedom of entry and exit at any tier without mandatory restrictions of geographical boundaries for its operation :br Provided that freedom shall be availed only after the outstanding amount, if any, existing against its name in the books of Federal Co-operative Society has been liquidated in fullic9653.