Amendment status not verified — confirm the current text below against the official source.
(1) Any registered co-operative society may, at a meeting of its General Assembly specially called for the purpose of resolving the matter to divide Go-pperative Society into two or more Co-operative Societies, at least fifteen clear days' notice of such meeting with the agenda shall be given to its members together with a copy of the - proposed resolution. (2) Such a resolution shall contain the proposal as to how to divide the assets and liabilities of the co-operative society among the newly proposed co-operative society, their areas of operation and those who would constitute each of the newly proposed cooperative society with draft new bye-laws. (3) A copy of the resolution shall be sent to the Registrar within thirty days of its adoption and subject to the Registrar's noninterference within thirty days of the dispatch to him of the resolution, the resolution shall be circulated among the members and creditors of the co-operative society. (4) Notwithstanding any bye-laws to the contrary, any member of the co-operative society and notwithstanding any agreement to the contrary, any creditor of the co-operative society, may by notice given to the co-operative society within thirty days of the receipt of the resolution, intimate in case of a member his intention not to become a member of any of the co-operative societies and in case of a creditor his intention to demand a return of the amount due to him. (5) After the expiry of ninety days from the passing of the aforesaid resolution a meeting of the General Assembly shall be convened for deciding the final resolution. At least fifteen clear days notice with the agenda of the meeting shall be given to all members of the co-operative society. (6) If the General Assembly decides by a three-fourth majority finally to divide the Co-operative Society and if the Registrar approves of the decision, the members, who will constitute each of the newly proposed co-operative society subscribing to the newly drafted bye-laws shall apply to the Registrar under section 10 of the Act for registration of the new co-operative society and the Registrar shall register the co-operative societies under section 11 of the Act. (7) The Registrar shall not register the new co-operative societies if the application for registration is not accompanied by a certificate of repayment of Share Capital to members and certificate of satisfaction of claims to creditors referred to in sub-section(4) of this section. (8) From the date which the new co-operative societies were registered under sub-section (6) of this section the registration of the old co-operative society shall be deemed to have been cancelled. (9) The registration of the new co-operative societies shall be a sufficient conveyance to vest the assets and liabilities of the original co-operative society according to the aforesaid resolution in the new co-operative societies. (10) Two or more registered co-operative societies may at a meeting of their respective General Assemblies specially convened for the purpose, by giving at least fifteen clear days notice to the respective members of the co-operative societies resolve to amalgamate into one cooperative society by adopting common byelaws. (11) A copy of such resolution of each co-operative society shall be circulated forthwith among all members and creditors thereof. (12) Notwithstanding any bye-laws to the contrary, any member of any such Cooperative Societies and notwithstanding any agreement to the contrary, any creditor of any such co-operative societies, may within a period of thirty days from the receipt of the aforesaid resolution, intimate his intention not to become a member of the new co-operative society, and to demand a return of the amount due to him, in the case of a creditor. (13) After the expiry of ninety days from the date of-the aforesaid resolution, a joint meeting of the members of such cooperative societies shall be convened to decide finally the aforesaid resolution. ' (14) At least fifteen clear days notice shall be given to all members of the co-operative societies. If at such meeting the aforesaid resolution is confirmed by a majority of three - fourth of the members of each co-operative societies present and the common bye-law are accepted with or without any alterations, the Registrar shall be moved by an application under section 10 of the Act for registration and he shall register the new co-operative society under section 11 of the Act if he approves. (15) The Registrar shall not register the new co-operative society if the application for registration is not accompanied by a certificate of repayment of share capital to members and a certificate of satisfaction of claims of creditors referred to in sub-section (12) of this section. (16) From the date the new co-operative society was registered the registration of the old co-operative societies shall be deemed to have been cancelled. (17) The registration of the new co-operative society shall be a sufficient conveyance to vest in it all the assets and liabilities of the original co-operative societies. (18). Notwithstanding anything contained in sub-sections (1) to (17) of this section if the Registrar is of the opinion that for reasons of ensuring economic viability of any registered co-operative society or co-operative societies or avoiding overlapping or conflict of jurisdictions of registered co-operative societies in any area or in order to secure proper management by any co-operative society or in the public interest or in the interest of the cooperative movement in the State as a whole, it is necessary to divide, amalgamate or merge fully or partially any such co-operative society or cooperative societies with any specific co-operative society, he may, by an order published in the Official Gazette make a scheme for division or amalgamation or merger with prior approval of the State Government.