Amendment status not verified — confirm the current text below against the official source.
(i) Any registered society may, at a meeting of its General Assembly specially called for the purpose, resolve to divide into two or more 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. (ii) Such a resolution shall contain the proposal as to how to divide the assets and liabilities of the society among the newly proposed societies, their areas of operation and the members who will constitute each of the newly proposed societies with draft of new Bye-Laws. (iii) A copy of the resolution shall be sent to the Registrar within thirty days of its adoption and subject to the Registrar's non-interference within thirty days of the dispatch to him/her of the resolution, the resolution shall be circulated amongthe members and creditors of the society. (iv) Notwithstanding any Bye-Laws to the contrary, any member of the society, and notwithstanding any agreement to the contrary, any creditor of the society may, by notice given to the society within thirty days of the receipt of the resolution, intimate in case of a member his/her intention not to become a member of any of the societies, and in case of a creditor his/her intention to demand a return of the amount due to him/her. (v) After the expiry of ninety days from the aforesaid resolution, a meeting of the General Assembly shall be convened for finally deciding the resolution. At least fifteen clear days' notice with the agenda of meeting shall be given to all members of the society. (vi) If the General Assembly decides by a three-fourth majority finally to divide the society and if the Registrar approves of the decision, the members, who will constitute each of the newly proposed societies subscribingto the new draft Bye-Laws shall apply to the Registrar under Section 10 for registration of the new societies and the Registrar shall register the society under Section 11. 570 (vii) The Registrar shall not register the new societies if the application for registration is not accompanied by a certificate of re-payment of share capital to members and certificate of satisfaction of claims to creditors referred to in clause (iv). (viii) From the date on which the new societies are registered under clause (vi) the registration of the old society shall be deemed to have been cancelled. (ix) The registration of the new societies shall be a sufficient conveyance to the vest the assets and liabilities of the original society according to the aforesaid resolution in the new societies. (2) (I) Two or more registered societies may, at a meeting of their respective General Assemblies specially convened for the purposed, by giving at least fifteen clear days' notice to the respective members of the societies, resolve to amalgamate into one society by adopting common Bye-Laws. (ii) A copy of such resolutions of each society shall be circulated forthwith among all members and creditors thereof. (iii) Notwithstanding any Bye-Laws to the contrary, any members of any such societies and notwithstanding any agreement to the contrary, any creditor of any such societies, may within a period of thirty days from the receipt of the aforesaid resolution, intimate his/her intention not to become a member of the new society, in the case of a member, and to demand a return of the amount due to him/her, in case of a creditor. (iv) After the expiry of ninety days from the date of the aforesaid resolution, a joint meeting of the members of such societies shall be convened to decide finallythe aforesaid resolution. (v) At least fifteen clear days' notice shall be given to all the members of the societies. If at such meeting the aforesaid resolution is confirmed by a majority of three-fourths of the members of each society present and the common Bye-Laws are accepted with or without any alterations, the Registrar shall be moved by an application under Section 10 for 571 registration and he/she shall register the new society under Section 11 if he/she approves. (vi) The Registrar shall not register the new society if the application for registration is not accompanied by a certificate of repayment of share capital to members and a certificate of creditors referred to in clause (iii). (vii) From the date on which the new society is registered the registration of the old societies shall be deemed to have been cancelled. (viii) The registration of the new society shall be a sufficient conveyance to vest in all the assets and liabilities of the original societies. (3) (a) Notwithstanding anything contained in sub-sections (1) and (2) of this section if the Registrar is of opinion that, for reasons of ensuring economic liability of any registered society or societies or avoiding over lapping or conflict of jurisdictions of registered societies in any area or in order to secure proper management of any co-operative society or in the public interest or in the interest of the Co-operative Movement in the State as a whole, or in the interest of the depositors and the Co- operative Banking System in the State as a whole, it is necessary to divide, amalgamate or merge fully or partially any such society or societies with any specified society, he/she may, by an order published in the Official Gazette make a scheme for Division, Amalgamation or Merger, with prior approval of the State Government.