Scheme for Payment

After the options have been received by the society within the period referred to in Sub-section (2) of Section 11, the society shall draw up in Form 'G' a scheme for orderly payment of the claims on the basis of the options of withdrawals. The scheme shall be submitted by the society to the Registrar along with the proposed change in the bye-laws relating to liability. In examining the scheme and the proposal for amendment of bye-laws the Registrar shall have regard to the following:- (a) that the options have been made bona fide; (b) that the scheme does not adversely affect existence or proper functioning of the society; (c) that the society has sufficient funds to pay the claims under the scheme;