Amendment status not verified — confirm the current text below against the official source.
(1) Where the Registrar is satisfied that it is essential in the public interest, or in the interest of the co-operative movement, or for the purpose of securing the proper management of any society, that two or more societies should amalgamate or any society should be divided to form two or more societies or should be reorganised, than notwithstanding anything contained in the last preceding section but subject to the provisions of this section, the Registrar may, after consulting the financing bank to which the society is affiliated, by order notified in the Official Gazette, provide for the amalgamation, division or reorganization of those societies into a single society or into societies with such constitution, property, rights, interests and authorities, and such liabilities, duties and obligations, as may be specified in the order. (2) No order shall be made under this section unless (a) a copy of the proposed order has been sent in draft to the society or each of the societies concerned; (b) the Registrar has considered and made such modifications in the draft order as may seem to him desirable in the light of any suggestions and objections which may be received by him within such period (not being less than *fifteen days from the date on which the copy of the order as aforesaid was received by the society)1* as the Registrar may fix in that behalf, either from the society or from any member or class of members thereof, or from any creditor or class of creditors; and (c) the prior approval of the State Government has been obtained for such reorganisation, amalgamation, or division. ---------------------------------------------------------------------------------------------------------------------- 1* TCS Amendment Act, 1980 the word “fifteen days” substituted for” two months” (3) The order referred to in sub-section (I) may contain such incidental, consequential and supplemental provisions as may, in the opinion of the Registrar, be necessary to give effect to the amalgamation, division or reorganisation. Power to direct amalgation, division and reorganization in public interest, etc. 16 (4) Every member or creditor of each of the societies to be amalgamated, divided or reorganise, who has objected to the scheme of amalgamation, division or reorganisation within the period specified, shall be entitled to receive, on the issue of the order of amalgamation, division or reorganisation his share or interest if he be a member, and the amount in satisfaction of his dues if he be a creditor. (5) On the issue of an order under sub-section (1), the provisions in sub-sections (2), (3) and (4) of section 17 shall apply to the societies so amalgamated, divided or recognized as if they were amalgamated divided or reorganized under that section, and to the society amalgamation divided or reorganized.