Amendment status not verified — confirm the current text below against the official source.
Merger.––(1) A cooperative may, by a special resolution, ,decide to merge itself into any other cooperative which agree by a special resolution, to such merger. (2) Where special resolutions are passed under sub-section (1), each cooperative shall give notice thereof together with a copy of the resolution passed by it to all its members and creditors, and notwithstanding any provision in the articles of association or contract to the contrary, any member other than those who voted in favour of the 24 SELF-RELIANT COOPERATIVES ACT, 1999 proposed merger, or creditor shall, during a period of fifteen days from the date of service of the notice upon him/her, have the option of withdrawing his/her shares, deposits or loans from the cooperative, as the case may be, subject to the discharge of his/her obligations to the cooperative. (3) Any member or creditor who does not exercise his/her option within the period specified in sub-section (2) shall be deemed to have assented to the resolution. (4) The special resolutions passed under sub-section (1) shall not take effect until.–– (a) all claims of the m embers and creditors of each cooperative who have exercised the option under sub-section (2) have been met in full or otherwise satisfied ; and (b) information of the intended merger and settlement of claims of members and creditors is sent to the Registrar and his/her acknowledgment of receipt of the information is obtained. (5) When a cooperative merges itself into any other cooperative under this section, the registration of the cooperative shall stand cancelled and it shall be deemed to have been dissolved and shall cease to exit as a corporate body, and the Registrar shall delete the name of the cooperative from the register of cooperatives. (6) When a cooperative merges itself into any other cooperative under this section, the members of the first cooperative who assented to the merge, shall be deemed to have become the members of the second cooperative. (7) When special resolutions passed under sub-section (1) take effect, the resolutions shall be sufficient conveyance to vest the assets and liabilities in the transferee without any futher assurance.