Amalgamation transfer, division or conversion of societies.

(1) A society may, with the previous approval of the Registrar by resolution passed by two -thirds majority of the members present and voting of a special general meeting held for the purpose, decide-- (a) to amalgamate with another society ; (b) to transfer its assets and liabilities, in whole or in the part, to any others society ; (c) to divide itself into two or more societies ; or (d) to convert itself into another class of society. Provided that when such amalgamation, transfer, division or conversion aforesaid, involves a transfer of the liabilities of a society to any other society, no order on the resolution shall be passed by the Registrar, unless he is satisfied that- (i) the society, after passing such resolution has given notice thereof in such manner as may be prescribed to all its members, creditors and other persons whose interests are likely to be affected ( hereinafter, in this section referred to as "other interested persons"), giving them the option, to be exercised within one month from the date of such notice, of becoming members of any of the new societies, or continuing their membership in the amalgamated or converted society, or demanding payment of their share or interest or dues, as the case be; (ii) all the members and creditors and other interested persons have assented to the decision, or deemed to have assented thereto by virtue of any member or creditors of any other interested person failing to exercise his option within the period specified in clause (i) aforesaid ; and (iii) all claims of members and creditors and other interested persons, who exercise the option within the period specified, have been met in full or otherwise satisfied.