Partnership of societies

Partnership of societies:—

1. (1) Any two or more societies may, by a resolution passed by a majority of not less than two-thirds of the members present and voting at a general meeting of each such society enter into a contract of a partnership for carrying out any specific business permissible under the bye-laws on such terms and conditions as may be agreed upon by such societies. Provided that where such societies are members of a federal society or are in receipt of assistance from a financing bank or State aid as specified in Section 43 of the Act, they shall obtain the prior consent of the federal society or the financing bank or the Registrar, as the case may be.
2. (2) No such resolution shall be passed by a society unless ten clear days’ written notice of the resolution and the date of the meeting has been given to each member of the society.
3. (3) The provisions of the Indian Partnership Act, 1932 shall not apply to such contracts of partnership.