Amendment status not verified — confirm the current text below against the official source.
Inserted by Act No.22 of 2001. Identification of viability of societies and consequences thereof. [Act No.7 of 1964] 27 (c) for securing proper management of any society; or (d) in the interest of the co-operative movement in general and of co-operative credit structure in particular in the State taken as a whole; or (e) for any other reason in the public interest, he may identify the viable and non-viable societies which may be retained or divided with consequential restriction of the area of operation or the transfer of such area or amalgamated or liquidated, as the case may be, and may by a notification to be published in the prescribed manner, specify the area of operation of each society or societies to be retained divided or amalgamated with any other society indicated in the said notification and invite objections or suggestions from the societies or any members, depositors, creditors, employees or other persons concerned with the affairs of each such society to be received within twenty one days from the date of publication of the notification. Explanation:- For the purpose of this section,- (i) the term ‗Registrar‘ means the person on whom the powers of the Registrar under this section are conferred under clause (n) of section 2. (ii) any society may convene the general body meeting within seven days from the date of publication of the notification. (2) The Registrar may, after having considered the matter in the light of any suggestions or objections which may be received by him within the period specified in sub-section (i) and other making if necessary, such modification in the proposal as he may deem fit, make an order and publish it in the prescribed manner; 28 [Act No.7 of 1964] (3) On making such an order,- (i) the societies affected by the amalgamation, shall be deemed to have been amalgamated with the Society or societies with which each one is amalgamated; (ii) the registration of every amalgamated or divided society shall stand cancelled whereupon such society shall cease to exist as a corporate body; (iii) the area added to the area of operation of the society shall be deemed to have been transferred to such society to which it is added; (iv) the assets of such amalgamated or divided society shall stand transferred to and its liabilities shall devolve on, the society with which it is amalgamated and all immovable properties located in the area transferred shall be deemed to be transferred the society to which the area is transferred; (v) every member of such amalgamated or divided society and residing in the area so transferred shall be deemed to have been transferred together with his loans, share capital, deposits to the society with which it is amalgamated or to which the area is transferred and he shall have the same rights, privileges and liabilities which he has had in the amalgamated or divided society; (vi) the Committee of the amalgamated or divided society shall stand dissolved and thereupon, the Registrar shall nominate a committee or appoint a person or persons, wherever necessary to manage the affairs of such society for a period 45[not exceeding three months] and arrange for the conduct of elections before the expiry of the term;