Power to direct amalgation, division and reorganization in public interest, etc.

(1) Where the Registrar is satisfied that it is essential in the public interest, or in the interest of the co-operative movement, or for the purpose of securing the proper management of any society, that two or more societies should amalgamate or any society should be divided to form two or more societies or should be reorganised, than notwithstanding anything contained in the last preceding section but subject to the provisions of this section, the Registrar may, after consulting the financing bank to which the society is affiliated, by order notified in the Official Gazette, provide for the amalgamation, division or reorganization of those societies into a single society or into societies with such constitution, property, rights, interests and authorities, and such liabilities, duties and obligations, as may be specified in the order.