Amendment status not verified — confirm the current text below against the official source.
Change of name. -(1) A co-operative society may, by an amendment of its bye-laws, change its name but such change shall not affect any right or obligation of the society or of any of its members or past members, and any legal proceedings pending may be continued by or against the society under its new name. (2) Where a co-operative society changes its name, the Registrar shall enter the new name on the register of co-operative societies in place of the former name and shall amend the certificate of registration accordingly. SECTION -12 Change of liability. -(1) Subject to the provisions of this Act and the rules, a co-operative society may, by EEE EE ee an amendment of its bye-laws, change the form or extent of its liability. (2) When a co-operative society has passed a resolution to change the form or extent of its liability, it shall give notice thereof in writing to all its members and creditors and, notwithstanding any bye-law or contract to the contrary, any member or creditor shall, during a period of one month from the date of service of the notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be. (3) 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. (4) Any amendment of a bye-law of a co-operative society changing the form or extent of its liability shall not be registered or take effect until either- (a) the assent thereto of all members and creditors has been obtained ; or (b) all claims of members and creditors who exercise the option, referred to in sub-section (2) within the period specified therein have been met in full. SECTION -13