Amalgamation and division of multi State co operative societies: resolution, member and creditor assent govern effectiveness and registration. Amalgamation, division, and transfer of assets and liabilities among multi State co operative societies require a resolution passed by a supermajority and must specify all particulars. Notice of the resolution must be given to members and creditors who have a limited period to withdraw shares, deposits or loans; non exercise of the option constitutes deemed assent. The society must satisfy withdrawing claims, and the resolution takes effect only upon obtaining the requisite assent and settlement of claims. The Central Registrar may register new societies formed by division or amalgamation on satisfaction of those conditions, and a valid resolution serves as sufficient conveyance to vest assets and liabilities in the transferee.
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.
Amalgamation and division of multi State co operative societies: resolution, member and creditor assent govern effectiveness and registration.
Amalgamation, division, and transfer of assets and liabilities among multi State co operative societies require a resolution passed by a supermajority and must specify all particulars. Notice of the resolution must be given to members and creditors who have a limited period to withdraw shares, deposits or loans; non exercise of the option constitutes deemed assent. The society must satisfy withdrawing claims, and the resolution takes effect only upon obtaining the requisite assent and settlement of claims. The Central Registrar may register new societies formed by division or amalgamation on satisfaction of those conditions, and a valid resolution serves as sufficient conveyance to vest assets and liabilities in the transferee.
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