Reconstruction of societies

Where a proposal for a compromise or arrangement – (a) between a society and its creditors, or (b) between a society and its members, is approved at a special general meeting called for the purpose, the Registrar may, on the application of the society, or of any member or of any creditor of the society of in the case of society which is being wound up, of the Liquidator, order reconstruction in the prescribed manner, of the society.