Amendment status not verified — confirm the current text below against the official source.
Added by Act No.22 of 2001. Change of name of society. Change of liability. Transfer of assets and liabilities, division, amalgamation and conversion of society. [Act No.7 of 1964] 17 resolution under sub-section (1) or sub-section (2) as the case may be.] 36[(3) Every resolution of a society under sub-section (1) or sub-section (2) shall be passed at the general meeting by 37[a majority of not less than two-thirds of members present and voting], and such resolution shall contain all particulars of the transfer, division, amalgamation or conversion as the case may be.] 38[12-A. (1) Notwithstanding anything contained in this Act or the rules made thereunder or the bye-laws of the societies concerned or in any other law for the time being in force, where, in the opinion of the Registrar, a society,- (a) in which majority of the shares are held, or (b) to which loan exceeding fifty percent of the total loan borrowed is advanced, or (c) in which liabilities by way of guarantee for borrowing including working capital borrowing exceeding fifty percent of the total borrowings are undertaken, by the Government or one or more Government Companies or one or more corporations owned or controlled by the Government, or a society in which majority of shares are held by one or more of the aforesaid persons or any combination thereof,- (i) has become a sick co-operative society and there is no possibility to rehabilitate it; or