Amalgamation, transfer of assets
Amendment of bye-laws of a co-operative society
Application for registration
Bye-laws of co-operative societies
Cancellation of registration certificate
Change of liability
Change of name
Co-op. societies which may be registered
Liability of a co-operative bank
Power of the Registrar to decide certain questions
Power to direct amalga-mation, division
Registrar to prepare scheme of amalgamation
Registration certificate
Restrictions on holding of shares
Restrictions on registration
When amendments of bye-laws come into force
Amalgamation, transfer of assets and liabilities

(1) A co-operative society may, by a resolution passed by a two-thirds majority of the members present and voting at a general body meeting of the co-operative society -

(a) transfer its assets and liabilities in whole or in part to any other co-operative society;

(b) divide itself into two or more co-operative societies.

(2) Any two or more co-operative societies may, by a resolution passed by a two-thirds majority of the members present and voting at a general body meeting of each such co-operative society, amalgamate themselves and form a new co-operative society.

(3) The resolution of a co-operative society under sub-section (1) or sub-section (2) shall contain all particulars of the transfer, division or amalgamation, as the case may be :

Provided that in the case of a co-operative bank, the Registrar shall not accord approval to any such resolution without the previous sanction in writing of the Reserve Bank.

(4) When a co-operative society has passed any such resolution, it shall give notice thereof in writing to all its members and creditors and, notwithstanding any bye-laws or contract to the contrary, any member or creditor shall, during the period of thirty days of the date of service of the notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be.

(5) Any member or creditor who does not exercise his option within the period specified in sub-section (4) shall be deemed to have assented to the proposals contained in the resolution.

(6) A resolution passed by a co-operative society under this section shall not take effect until, either -

(a) the assent thereto of all the members and creditors has been obtained;

(b) all claims of members and creditors who exercise the option referred to in sub-section (4) within the period specified therein have been met in full.

(7) Where a resolution passed by a co-operative society under this section involves the transfer of any assets and liabilities, the resolution shall, notwithstanding anything contained in any law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.

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Last Updated : 23 Mar,2014