Change of liability of society from limited to unlimited or vice-versa.

Corporate1960195 sections

Statutory text

(1) Subject to the provisions of section 11, a society may by an amendment of its bye-laws change its liability from limited to unlimited or from unlimited to limited. (2) No such amendment shall be registered by the Registrar unless he is satisfied that,- (i) Twenty-one day’s notice has been given to every member of the society and to any person or class of persons whose interest may, in the opinion of the Registrar, be affected by the change; and (ii) With respect to every such member or person who, in the opinion of the Registrar, is entitled to notice,- (a) either his assent has been obtained to the change or is deemed to have been obtained by virtue of his failure to object within twenty one days from the date of the notice, (b) if he objects; (i) he is allowed to withdraw his share if he is a member, or (ii) that his debt or claim has been discharged or has been determined or has been secured to the satisfaction of the Registrar within three month from the date of receipt of objection if he is a creditor: Provided that the Registrar may in the case of any person or class of persons, for special reasons, to be recorded, dispense with the notice required by this sub-section.

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