Amendment status not verified — confirm the current text below against the official source.
Amalgamation, transfer of assets and liabilities and division of co-operative societies : - (1) Aco-operative society may with the previous approval of the Registrar and by a resolution passed by a ‘[majority of the members present and voting at the general meeting at which not less than two third of members for the time being are present] 2 [(a) transfer its assets and liabilities in whole or in part to (1) Substituted by Punjab Act No. 14 of 2014 (2) Substituted by Punjab Act 19 of 1993 om another co-operative society provided the co-operative society to which the assets and liabilities are to be transferred also passes a resolution in the aforesaid manner to accept such assets and liabilities in whole or in part, as the case may be;] (b) divide itself into two or more co-operative societies. (2) Any two or more co-operative societies, may, with the previous approval of the Registrar and by a resolution passed by a two-thirds majority of the members, present and voting at a general meeting of each such society, amalgamate themselves and form a new co-operative society. (3) The resolution of a co-operative society under sub-section (1) or sub-section (2) shall contain all particulars of the transfer, division or amalgamation, as the case may be. (4) When a co-operative society has passed any such resolution, it shall give notice thereof in writing 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 of the date of service of the notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be. (5) Any member or creditor who does not exercise his option within the period specified in sub-section (4) shall be deemed to have assented to the proposals contained in the resolution. (6) A resolution passed by a co-operative society under this section shall not take effect until, either- (a) the assent thereto of all the members and creditors has been obtained; or EEE ttl (b) all claims of members and creditors who exercise the option referred to in sub-section (4) within the period specified therein have been met in full. (7) Where a resolution passed by a co-operative society under this section involves the transfer of any assets and liabilities, the resolution shall, notwithstanding, anything contained in any law, for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance. 1 1(8) Where the Registrar is satisfied that it is necessary in the interest of the co-operative society or co-operative societies that - (i) any co-operative society be divided to form two or more co-operative societies; or (ii) one or more co-operative societies be amalgamated with any other co-operative society; or (iii) two or more co-operative societies be amalgamated to form a new co-operative society, then, notwithstanding anything hereinbefore contained, the Registrar may, after consulting the financing institution, if any, provide for - (a) the division of that co-operative society into two or more co-operative societies; or (b) = the amalgamation of the society or societies - (i) with any other co-operative society; or (ii) | to form anew co-operative society; with such constitution including representation on the committee, property rights, interests, liabilities, duties and obligations, as may be specified in the order.