Consequences of transfer of assets and liabilities, division and amalgamation

Consequences of transfer of assets and liabilities, division and amalgamation. (1) Where the whole of the assets and liabilities of a Co-operative are transferred to another Co-operative, the registration of the first mentioned Co-operative shall stand cancelled and that Co-operative shall be deemed to have been dissolved and shall cease to exist as a corporate body. (2) Where two or more Co-operatives are amalgamated into a new Co-operative, the registration of each of the amalgamating Co-operatives shall stand cancelled on the registration of the new Co-operative and each such Co-operative shall be deemed to have been dissolved and shall cease to exist as a corporate body. (3) Where a Co-operative divides into two or more Co-operatives the registration of that Co-operative shall stand cancelled on the registration of the new Co-operatives and that Co-operative shall be deemed to have been dissolved and shall cease to exist as a corporate body. In the Principal Act, in section 29,- (i) for the words “ may fill” the words “shall fill” be substituted; and (ii) the words “if the remaining term of office of the board is less than half of its original term” shall be omitted.