Transfer of assets and liabilities, division, amalgamation or merger of a self-supporting co-operative society

(1) A self-supporting co-operative society may, by a special resolution of its general body decide to— (a) transfer its assets and liabilities, in whole or in part to any other self-supporting co-operative society, which agrees to such transfer by a special resolution of its general body ; or (b) divide itself into two or more self-supporting co-operative societies. (2) Any two or more self-supporting co-operative societies may, by passing a special resolution of their respective general bodies, decide to amalgamate themselves and form a new self-supporting co-operative society. (3) Before passing a special resolution under this section, the self-supporting co-operative society shall give notice thereof together with a copy of such resolution to all its members and creditors for giving their consent. (4) Notwithstanding any bye-laws or contract to the contrary, any member of a self-supporting co-operative society or creditor, not consenting to the special resolution, shall, during a period of thirty days from the date of service of the notice, have the option of withdrawing his shares, deposits, loans or services, as the case may be. (5) Any member or creditor who fails to give his consent within the period specified under sub-section (4), shall be deemed to have consented to the speciai resolution. (6) A special resolution, passed by a self-supporting co-operative society under this section shall not take effect until— (a) (i) the members and creditors have consented or are deemed to have consented to the special resolution under sub-section (4) or sub-section (5), as the case may be ; or (ii) all claims of the members and creditors, who have not consented to the special resolution referred to in sub-section (4) or sub-section (5), as the case may be, within the stipulated period, have been met in full; and (b) in the case of amalgamation or division of a self-supporting co-operative society or societies, as the case may be, a revised certificate of registration is issued by the Registrar on an application made by such self-supporting co-operative society or societies. (7) When a special resolution passed by a self-supporting co-operative society under sub-section (1), takes effect, such a 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 conveyance. (8) Consequent upon— (a) the transfer of whole of the assets and liabilities of a self-supporting co-operative society or societies, as the case may be, to another self-supporting co-operative society ; or