Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the provision of this Act and the Rules, a society may by amendment of its bye-laws, change the form or extent of its liability. (2) When a society has passed a resolution to change the form or eXtent of its liability, it shall giVe notice thereof in writing to all its member and creditors and notwithstanding anything in any bye-law or contract to the contrary, any member or creditor shall, during a period of one month from the date of serving of such notice upon him, have the option of withdrawing his shares, deposits or loans. (3) (a) Any member or creditor Who does not exercise his option Within the period Specified in sub-section (2), Shall be deemed to have assented to the change. (b) An amendment of the bye-laws of a society, changing the form or extent of its liability, shall not be registered or take efi'ect until, either 2—— (i) all members and creditors have assented, or deemed to have aSSented, thereto as aforesaid, or (ii) all claims of members and creditors who exercise the option given by sub-Section (2} within the period specified therein: have been met in full or otherwise satisfied. _17. (1) A society may, with the previous approval of the Reglstrar, by resolution passed by two-thirds majority of the members present and Voting at a Special general meeting held 'for the 'pur- pose, decide :— ‘ 7 Power to di- rect amend- ment of bye-laws. Change of name . Change of liability. Amalgama- tion, transfer, division or conversion of societies, (a) to amalgamate with another society ; (b) to transfer its assets and liabilities, in Whole or part, to any other society ; (o) to divide itself into two or more societies, or (d) to convert itself into another class of society ; Provided that when such amalgamation, transfer, division or con- version, aforesaid, inVOlves, a transfer of the liabilities of a. Society to any other society, no order on the resolution shall be passed by the Registrar, unless he is satisfied that :—- (i) the society, after passing such resolution, has given notice thereof in such manner as may be prescribed, to all its members, creditors and other persons whose interest are likely to be affected (hereinafter, in this Section referred to as “other interested perSOns” ), giving them the option, to be exercised within one month from the date of Such notice, of becoming members of any of the new societies, or continuing their membership in the amalgamated or converted society, or demanding payment of their share or interest or dues, as the case may be, (ii) all the members and creditors and other interested person, have asswted to the decision, or deemed to have assented thereto by virtue of any member or creditor or any other interested persons, have assented to the . decision, or deemed to have assented thereto by virtue of any member or creditor or any other interested person failing to exercise his option within the period specified in clause (i) aforesaid, and (iii) all claims of members and creditors and other inte- rested persons, who exercise the option within the period specified, have been met in full or otherwise satisfied. (2) Notwithstanding anything contained in the Transfer of Pro- perty Act, 1882,, or the Indian Registration Act, 1908, in the event of division or conversion, the registration of the new societies or, as the case may be, of the converted society, and in the event of . amalgamation, on the amalgamation the reSolutions of the societies con- ; cerned with amalgamation, shell in each case be sufficient conveyance f to vest the assets and liabilitiesSof the original Society or amalgama- ting societies in the new societies or converted or amalgamated Society, as the case may be. (3) The amalgamation of societies, or division or conversion of 3 a. society shall not affect any rights or obligation of the societies so by or against the amalgamated society, or, as the case may be, the converted society, or the new societies, (4) Where two or more societies have been amalgamated, or a society has been divided or converted, the registration of such societies or society shall stand cancelled on the date of registration of the amalgamated society, or the converted society, or the new societies between Which the society may have been divided.