Reconstruction of societies

Where a proposal for a compromise or arrangement- (a) between a registered society and its creditors; or (b) between a registered society and its members, is approved at a special general meeting called for the purpose, 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, the Liquidator, order reconstruction, in the prescribed manner, of the society.