Amendment status not verified — confirm the current text below against the official source.
(1) A co-operative society may, by a resolution passed by a majority of not less than two-thirds of the members present and voting at a general or a special general meeting of the society, divide itself into two or more societies. Such resolution shall provide for the division of the assets and liabilities, the area of operation and the membership of such society among the new societies to be formed by the division of such society. (2) A co-operative society may, by a resolution passed by a majority of not less than two-thirds of the members present and voting at a general or a special general meeting of the society, transfer, in whole or in part, its assets and liabilities to any other co-operative society or societies. Such resolution shall contain all necessary particulars in respect of such transfer of assets and liabilities. (3) Any two or more co-operative societies may, by a resolution passed by a majority of not less than two-thirds of the members present and voting at a general or a special general meeting of each such society, 4Division, transfer of assets and liabilities, and amalgam- ation, of co- operative societies. 201 The West Bengal Co-operative Societies Act, 1973. [West Ben. Act (Chapter VIII.—Division, transfer of assets and liabilities, and amalgamation, of co-operative societies.—Section 75.) amalgamate themselves to form a new society. Such resolution shall provide for the transfer of the assets and liabilities, the area of operation and the membership of such societies to the new society to be formed by the amalgamation of such societies. (4) A resolution passed under sub-section (1) or sub-section (3) shall contain the name or names of the person or persons authorised to join in the application for the registration, under sub-section (8), of the new societies formed by division or, as the case may be, the new society formed by amalgamation, and to take all such other steps as may be necessary for such registration. (5) When a co-operative society has passed a resolution under sub- section (1) or sub-section (3), it shall send a copy thereof to all its members and creditors within fourteen days from the date of the general or special general meeting at which such resolution is passed. (6) Notwithstanding any by-laws or contract to the contrary, any member or creditor of any co-operative society, which has passed a resolution under sub-section (1) or sub-section (3), may, within a period of one month from the date on which a copy of such resolution is sent to such member or creditor under sub-section (5), exercise the option of withdrawing his share or interest or, as the case may be, the amount due to him, from such society: Provided that no member, who is a debtor of his society or is a surety for any other member, shall exercise the option of withdrawing his share or interest until such time as the debt, in respect of which he is the debtor or the surety, is repaid with all interest accrued thereon. (7) A resolution passed by a co-operative society under sub-section (1) or sub-section (3) shall not take effect until all the claims of the members and creditors, who exercise the option referred to in sub-section (6) within the period specified therein, are met in full. (8) On receipt of application for the registration of new societies formed by division in accordance with the resolution passed under sub- section (1) or of a new society formed by amalgamation in accordance with a resolution passed under sub-section (3), the Registrar, on being satisfied that the resolution has become effective under sub-section (7), shall, unless for reasons to be recorded in writing he thinks fit to refuse so to do, register the new societies or society, as the case may be, and the by-laws thereof, and thereupon the registration of the original society which is divided or, as the case may be, the original societies which are amalgamated, shall stand cancelled and the original societies or society, as the case may be, shall be deemed to have been dissolved and shall cease to exist. 202 The West Bengal Co-operative Societies Act, 1973. XXXVHI of 1973.] (Chapter VILL—Division, transfer of assets and liabilities, and amalgamation, of co-operative societies.—Section 76.) (9) When the transfer of assets and liabilities in whole of a co- operative society to any other co-operative society or societies is effected, the transferor society shall be deemed to have been dissolved and shall cease to exist. (10) Notwithstanding anything to the contrary contained in any other law for the time being in force,— (a) the registration of new societies formed by division shall be a sufficient conveyance to vest the assets and liabilities of the original society (which is divided) in such new societies in accordance with the resolution passed under sub-section (1); (b) when a resolution is passed by a co-operative society under sub-section (2), the resolution shall, if accepted by the transferee society or societies by a resolution passed by a majority of not less than two-thirds of the members present and voting at a general or a special general meeting of such society or societies, be a sufficient conveyance to vest the assets and liabilities in the transferee society or societies. Copies of such resolutions of the transferor and the transferee societies shall be sent to the Registrar for record; and (c) the registration of a new society formed by amalgamation shall be a sufficient conveyance to vest the assets and liabilities of the original societies (which are amalgamated) in such new society in accordance with the resolution passed under sub-section (3).