Amendment status not verified — confirm the current text below against the official source.
(1) A society may, [with the prior approval of the Registrar,] [x x x x] by a resolution passed by a [simple] majority of the members present and voting at a general body meeting of the society; (a) transfer its assets and liabilities in whole or in part to any other society; (b) divide itself into two or more societies. (2) Any two or more societies may [x x x x] [with the prior approval of the Registrar,] by a resolution passed by a [simple] majority of the members present and voting at a general body meeting of each such society, amalgamate themselves and form a new society [(2A) Notwithstanding anything to the contrary contained in any other law in force or in the rules or in the bye-laws of any society, one or more societies may merge with any other society by a resolution passed by simple majority at the general body meeting of each such society: Provided that before effecting such merger a resolution of the society with whom it has to merge shall give its approval permitting such merger by a resolution passed by simple majority of the general body meeting of such society.] (3) The resolution of a society under sub-section (1) [,sub-section (2) or sub-section (2A)] shall contain all particulars of the [amalgamation, merger, transfer or division], as the case may be. (4) When a society has passed any such resolution, it shall give notice thereof in writing to all its members and creditors and, notwithstanding the provisions of section 24 or any bye-law or contract to the contrary, any member or creditor shall, within a period of two months from the date of service of the notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be. (5) Any member or creditor who does not exercise his option within the period specified in sub-section (4) shall be deemed to have given his assent to the proposals contained in the resolution. (6) A resolution passed by a society under this section shall not take effect until either- (a) the assent thereto of all the members and creditors has been given or deemed to have been given; or (b) all claims of members and creditors who exercise the option referred to in sub-section (4) within the period specified therein have been met in full. (7) Where a resolution passed by a society under this section involves the transfer of any assets and liabilities, the resolution shall, notwithstanding anything contained in any law for the time being in force be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance. [(8) Detailed scheme of transfer of assets and liabilities and the scheme of merger, as the case may be, prepared by the society and approved by the Registrar as per sub-section (1), sub-section (2) or sub-section (2A) shall be published by the Registrar and the Society.] [(8) x x x x (9) x x x x] Omitted by Act 8 of 2013 w.e.f. 14-02-2013. Sub-sections (8) and (9) Omitted by Act 8 of 2013 w.e.f. 14-02-2013. Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Substituted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Substitution it read as "two third" Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Added by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Substituted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Substitution it read as "or sub-section (2)" Substituted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Substitution it read as "transfer, division or amalgamation" Added by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024).