Amendment status not verified — confirm the current text below against the official source.
(1) Where the Registrar is satisfied that it is necessary in the interest of the co-operative movement that a co-operative society should be divided into two or more societies or the assets and liabilities of a co-operative society should be transferred, in whole or in part, to one or more other societies, the Registrar may make a preliminary order for division of such society into two or more such societies or for the transfer of assets and liabilities of such society to one or more such societies, as the case may be. The preliminary order of division shall provide for division of the assets and liabilities, the area of operation and the membership of such society among the new societies into which such 204 The West Bengal Co-operative Societies Act, 1973. XXXVIII of 1973.] (Chapter VIII.—Division, transfer of assets and liabilities, and amalgamation, of co-operative societies.—Section 77.) society is to be divided, and the preliminary order for transfer of assets and liabilities shall contain details about the transfer of assets and liabilities, the area of operation and the membership of the transferor and the transferee societies. When the transfer is made in part, the order shall be specific about the particulars of the assets and the liabilities to be transferred. (2) The Registrar shall thereupon publish, in the prescribed manner, the preliminary order referred to in sub-section (1) along with a notice calling upon the co-operative society or societies concerned and every member or creditor thereof to make objections or suggestions, if any, to him with respect to such order within two months from the date of publication of such order, and shall also send a copy of such order and notice to such society or societies, as the case may be. (3) After considering such objections and suggestions as may have been received by him within the time mentioned in sub-section (2), the Registrar may make the preliminary order of division or of transfer of assets and liabilities, as the case may be, final with such changes and modifications as he thinks necessary. Such final order of division or of transfer of assets and liabilities, as the case may be, may also contain such incidental, consequential and supplemental provisions as may, in the opinion of the Registrar, be necessary for the efficient function- ing of the new societies created by division or for efficient functioning of the society or societies to which assets and liabilities have been transferred. (4) Any member or creditor of the co-operative society, who has objected to the preliminary order within the time mentioned in sub- section (2), shall be entitled to withdraw 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 withdraw 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 interests accrued thereon. (5) A final order of division or transfer of assets and liabilities, as the case may be, made under sub-section (3) shall take effect— (a) where no appeal is preferred from such order under section 134, on the expiry of the time allowed for preferring an appeal; or (b) where an appeal is preferred from such order, upon rejection of the appeal by the appellate authority. 205 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 78.) (6) Notwithstanding anything to the contrary contained in any other law for the time being in force, upon a final order of division taking effect under sub-section (5), the original society which is divided shall be deemed to have been dissolved and shall cease to exist, and all the assets and the liabilities of such society shall vest in the new societies formed by division in the manner specified in the final order of division. (7) Notwithstanding anything to the contrary contained in any other law for the time being in force, upon a final order of transfer of assets and liabilities taking effect under sub-section (5), the order shall be a sufficient conveyance to vest the assets and liabilities of the transferor society in the transferee society or societies as specified in the order, and when transfer of assets and liabilities of a co-operative society in whole is effected, the transferor society shall be deemed to have been dissolved, and shall cease to exist. Amalgama- tion of any central co- operative bank with any other central co- operative bank or with the State co- operative Bank.