Transfer of assets and liabilities, division, amalgamation and conversion of a society

Transfer of assets and liabilities, division, amalgamation and conversion of a society:— [Rule 7,8]

1. (1) A society may, by a resolution decide to—
   • (a) transfer its assets and liabilities in whole or in part to any other society which agrees to such transfer by a resolution ; or
   • (b) divide itself into two or more societies ; or
   • (c) convert itself into a society of a class different from one to which it belongs.
2. (2) Any two or more societies may, by a resolution, decide to amalgamate themselves and form a new society. Provided that where a society under sub-section
3. (1) is a member of two or more societies under sub-section
4. (2) are members of a federal society or in receipt of assistance from a financing bank, such society or societies shall obtain prior consent of the federal society or financing bank for any resolution under sub-section
5. (1) or sub-section
6. (2) as the case may be ;
7. (3) Every resolution of a society under sub-section
8. (1) or sub-section
9. (2) shall be passed at the general meeting by a majority of not less than two-thirds of members present and voting, and such resolution shall contain all particulars of the transfer, division, amalgamation or conversion as the case may be.