Amalgamation or merger of co-operative societies

Explanation:- for the purpose of this sub-section the term “members” shall include any delegates of members selected for the purpose in accordance with rules, made in this behalf. (5) While confirming the preliminary resolution under sub-section (4), provision shall be made by another resolution for— (i) the repayment, subject to the provision of section 41, of the share capital of all the members who have given notice under clause (i) of sub section (3); and (ii) the satisfaction of the claims of all the creditors who have given notice under clause(ii) of sub section (3). (6) If, within such time the Registrar considers reasonable, the share capital of the members, referred to in sub-section (5) is not repaid or the claims of the creditors referred to in that sub-section are not satisfied, the Registrar may refuse to register the new society or to sanction the merger, as the case may be. (7) The registration of a new society or the sanction of merger under sub-section (4) shall be a sufficient conveyance to vest in the new society in the case of amalgamation and in the continuing society in the case of merger, all the assets and liabilities of the amalgamated societies or merged society or societies, as the case may be, anything contained in any other law for the time being in force to the contrary notwithstanding; and on such registration of a new society or sanction or merger, as the case may be the registration of the amalgamated societies or of the society or societies which has or have merged into another society, shall be deemed to have been cancelled.