Amendment status not verified — confirm the current text below against the official source.
Cancellation of registration.-(1) The Registrar shall make an order canceling the registration of a society if it transfers the whole of its assets and liabilities to another society, or amalgamates with another society, or divides itself into two or more societies or it is de-registered under the provisions of sub-section (1) of section 18-A or it is wound up under section 69. The society shall, from the date of such order of cancellation, be deemed to be dissolved and shall cease to exist as a corporate body. (2) Notwithstanding anything contained in this Act if any proceedings relating to the winding up or dissolution of a society are pending immediately before the commencement of this Act, such proceedings shall after such commencement be disposed of in accordance with the provisions of the law under which such society was registered or deemed to be registered. 18-A. De-registration of societies.-(1) If the Registrar is satisfied that any society is registered on misrepresentation made by applicants, or where the work of the society is completed or the purposes for which the society has been registered or not served or the society other than a Co-operative Bank or Development Bank has used the word "Bank", "Banker", "Banking" and any other derivative of the word Bank" he may, after giving an opportunity of being heard to the chief promoter, the committee and the members of the society, de- register the society: Provided that, where the number of members of the society is so large and it is not possible to ascertain the correct addresses of all such members from the records in the office of the Registrar and, in the opinion of the Registrar it is not practicable to serve a notice of hearing on all such individual members, a public notice of the proceedings of the de-registration shall be given in the prescribed manner and such notice shall be deemed to be notice to all the members of the society, including the chief promoter and the members of the committee of the society, and no proceeding in respect of the de- 21 registration of the society shall be called in question, merely on the ground that individual notice is not served on any member. (2) When a society is de-registered under the provisions of sub- section (1), the Registrar may, notwithstanding anything contained in this Act, make such incidental and consequential order including appointment of official assignee as the circumstances may require. (3) Subject to the rules made under this Act, the official assignee shall realize the assets and liquidate the liabilities within a period of one year from the date he takes over the charge of property, assets, books, records and other documents. The period aforesaid may, at the discretion of the Registrar, be extended from time to time, so however, that the total period does not exceed three years in the aggregate. (4) The official assignee shall be paid such remuneration and allowances as may be prescribed. (5) The powers of the Registrar under sub-sections (1) and (2) shall not be exercised by any officer below the rank of a Joint Registrar of Co- operative Societies. CHAPTER III MEMBERS, THEIR RIGHTS, LIABILITIES AND PRIVILEGES