Reconstitution and formation of the existing and corresponding new

societies to be binding on shareholders and creditors.- The reconstitution of the existing societies and the formation and registration of the corresponding new societies and the allotment of assets and liabilities as between the societies as reconstituted and the corresponding new societies, effected under Sections 3, 4 and 5 shall in all respects be binding on all the shareholders and the creditors of each of the existing societies.