Amendment status not verified — confirm the current text below against the official source.
Amalgamation, transfer of assets and liabilities and division of Societies :– (1) A Society may, 2[ x x x ] by a resolution passed by a majority of the members present and voting at a general meeting of the Society– (a) transfer its assets and liabilities in whole or in part to any other Society which is prepared to accept them; or (b) divide itself into two or more Societies. (2) Any two or more Societies may, 2[ x x x] by a resolution passed by a majority of the members present at an ordinary general meeting of each such Society specially convened for the purpose of which at least seven days clear notice has been given to each member and subject to the other condition of this section amalgamate into a single Co-operative Society. (3) 3[ x x x ] (4) The resolution of a Society under Sub-Section (1) or Sub-Section (2) 3[ x x x ] shall contain all particulars of the transfer, division or amalgamation as the case may be. (5) When a Society has passed any such resolution under Sub-Section (1) or Sub-Section (2) 3[ x x x ], the Society concerned shall give notice thereof in writing in the prescribed manner to all its members and creditors and, notwithstanding any bye-laws or contract to the contrary, any member or creditor shall, during the period of one month from the date of issue of the notice, have the option of withdrawing his shares, deposits or loans, as the case may be. (6) Any member or creditor who does not exercise his option within the period specified in Sub-Section (5) shall be deemed to have assented to the proposals contained in the resolution 3[ x x x ].