Amendment status not verified — confirm the current text below against the official source.
Substituted by Act No.22 of 2001. Effect of transfer, division and amalgamation. 26 [Act No.7 of 1964] (2) The registration of a society shall stand cancelled and the society shall be deemed to have been dissolved and shall cease to exist as a corporate body- (a) when the whole of the assets and liabilities of such society are transferred to another society; or (b) when such society divides itself into two or more societies. (3) Where two or more societies are amalgamated into a new society, the registration of the societies so amalgamated shall stand cancelled and they shall be deemed to have been dissolved and shall cease to exist as corporate bodies. 42[[15. [xxx]] 43[15-A. (1) Notwithstanding anything in this Act or the rules made thereunder or the bye-laws of the society concerned, if the Registrar is of the opinion that 44[in respect of a society or societies in receipt of State aid as specified under section 43 of the Act,] it is necessary to amalgamate or merge any society with any other such society or to divide and restrict or transfer the area of operation of a society or to liquidate a society for any of the following purposes, namely:- (a) for ensuring economic viability of any or all the societies concerned, or (b) for avoiding overlapping or conflict of jurisdictions of societies in any area; or