Amalgamation, transfer of assets and liabilities and division of co-operative societies.

(6) A resolution passed by a co-operative society under this section shall not take effect until, either - (a) the assent thereto of all the members and creditors has been obtained; (b) all claims of members and creditors who exercise the option referred to in sub-section (4) within the period specified therein have been met in full. (7) Where a resolution passed by a co-operative society under this section involves the transfer of any assets and liabilities, the resolution shall, notwithstanding anything contained in any law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.