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of <h1>Section 64 sets rules for co-operative bank amalgamation, demerger, conversion, and member/shareholder continuity thresholds including book-value transfers</h1> For purposes of section 64, the provision defines terms governing co-operative bank business reorganisations, including amalgamation, demerger and conversion. Amalgamation requires transfer of all assets and liabilities to the amalgamated bank, 75% of members and 75% in share value (with limited exceptions) becoming members/shareholders of the amalgamated bank. Demerger requires transfer of undertakings on a going-concern basis at book values, proportionate issuance of membership, 75% shareholder continuity, and compliance with central government conditions ensuring genuine business purposes. The text also defines amalgamating, amalgamated, demerged, resulting, predecessor and successor co-operative banks, primary co-operative bank, converted banking company and business reorganisation.
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