Change of Liability

(4) An amendment of the bye-laws of a society, changing the form or extend of its liability, shall not be registered or take effect until, either-- (a) all members and creditors have assented, or deemed to have assented, thereto as aforesaid; or (b) all claims of members and creditors who exercise the option, given by the sub-section (2), within the period specified therein, have been met in full or otherwise satisfied.