Amendment status not verified — confirm the current text below against the official source.
(1) Unless otherwise directed by the State Government and if the Registrar is satisfied after due consultation with the respective apex society in the manner prescribed that it is essential in the public interest or in the interest of Co-operative movement or for the purpose of securing the proper management of any Co-operative society that any Co-operative society or Co-operative societies should be divided, reorganised or amalgamated then notwithstanding anything contained in section 21, the Registrar may by a notice direct the said Co-operative society or Co-operative societies stating therefor, to cause such division, reorganisation or amalgamation as the case may be, with such constitution, property, rights, interest, authority, liabilities, duties and obligations as may be specified in the notice within three months of the date of the notice. If the direction is not acted upon or complied within the said period, the Registrar shall cause, in the manner prescribed, division, reorganisation or amalgamation, as the case may be, of the concerned Co-operative society or Co-operati ve societies by an order in writing and communicate the order to all concerned and shall issue registration certificate or certificates under sub-section (5) of section 16 in respect of the Co-operative society or societies formed by division, reorganisation or amalgamation., as the case may be, and the by-laws thereof framed by him: Provided that the Registrar shall not order amalgamation of a Co-operative society which has a total accumulated loss exceeding its assets with any other Co-operative society earning profit. (2) No order shall be made under sub-section (1) unless:— (a) a draft of the or.:1, has been sent to each of the Co-operative societies in the prescribed manner inviting suggestions or objections, if any, within such period, not -being less than three neenths, as the Registrar may fix in behalf; and (b) the Registrar has considered the suggestions or objections, if any, received from the Co-operative societies or from any member, class of members, creditors or class of creditors thereof, and made such modification in the draft as he may deem fit. (3) An order made under sub-section (1) may contain such incidental, consequential or supplemental provisions as may, in the opinion of the Registrar, be necessary for the purpose of the division, reorganisation or amalgeniation as the case may be. (4) Every member or creditor of any of the Co-operative societies to be divided, reorganised or amalgamated, who has filed objections under clause (a) of sub-section (2) shall be entitled to receive after the order has been made under sub-section (I) his share or deposit, if he is a member, or the amount in satisfaction of his claim, if he is a creditor: Provided that no member, who is a debtor of Co-operative society or is a surety for any other member in respect of any loan granted by a Co-operative society, shall exercise option to withdraw his share or deposit until the debt or the loan in respect of which he is the debtor or surety, as the case may be, is repaid in full with interest accrued thereon. (5) An order made under sub-section (1) shall take effect— (a) when no appeal from such order is preferred under section 146, on the expiry of the time allowed for preferring an appeal, or (b) where an appeal from such order is preferred under section 147 upon rejection of the appeal by the appellate authority. 26 THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 25, 2010 [PART III The West Bengal Co-operative Societies Act, 2006. (Chapter Ill.—Change of liabilities, transfer of assets and division and amalgamation of Co-operative societies.—Section 23.) (6) Notwithstanding anything to the contrary contained in any other law for the time being in force, and order made under sub-section (1) for division, reorganisation or amalgamation shall, 'upon taking effect under sub-section (5) be a sufficient conveyance to vest the assets and liabilities as per audited schedule of assets and liabilities specified in the order and the Co-operative societies which are divided, reorganised or amalgamated shall be deemed to have been dissolved and shall cease to exist. Amalgamation of any Central Co- operative Bank with any other Central Co- - operative Bank or with State Co- - operative Bank.