Re-construction of societies

Where a compromise or arrangement is proposed—

1. (a) between a society and its creditors; or
2. (b) between a society and its members, the Registrar may, on the application of the society or of any member or of any creditor of the society, or in the case of a society which is being wound up, of the Liquidator, order reconstruction of the society in such manner as may be prescribed.