Effect of transfer, division and amalgamation

Effect of transfer, division and amalgamation:—

1. (1) Not-withstanding anything in any other law for the time being in force, where a resolution passed by a society under Section 12 involves a decision for the transfer of any assets and liabilities the resolution shall, when it takes effect, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.
2. (2) The registration of a society shall stand cancelled and the society shall be deemed to have been dissolved and shall cease to exist as a corporate body—
   • (a) when the whole of the assets and liabilities of such society are transferred to another society ; or
   • (b) when such society divides itself into two or more societies.
3. (3) Where two or more societies are amalgamated into a new society, the registration of the societies so amalgamated shall stand cancelled and they shall be deemed to have been dissolved and shall cease to exist as corporate bodies.