Liability change in multi State co operative societies requires notice, withdrawal rights for members and creditors, and satisfaction of claims. No multi State co operative society with unlimited liability may be registered after commencement; existing unlimited liability societies must elect to continue or convert to limited liability under the Act. A society may amend its bye laws to change liability; after a resolution it must notify members and creditors who have a notice period option to withdraw shares, deposits or loans, and those who fail to do so are deemed to assent. The amendment will not be registered or take effect until unanimous assent of members and creditors is obtained or all claims of withdrawing parties are fully met or satisfied.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Liability change in multi State co operative societies requires notice, withdrawal rights for members and creditors, and satisfaction of claims.
No multi State co operative society with unlimited liability may be registered after commencement; existing unlimited liability societies must elect to continue or convert to limited liability under the Act. A society may amend its bye laws to change liability; after a resolution it must notify members and creditors who have a notice period option to withdraw shares, deposits or loans, and those who fail to do so are deemed to assent. The amendment will not be registered or take effect until unanimous assent of members and creditors is obtained or all claims of withdrawing parties are fully met or satisfied.
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