Amalgamation, merger or division, etc., to form new Producer Companies.

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.... (2) Any two or more Producer Companies may, by a resolution passed at any general or special meetings of its Members, decide to^___      (a) amalgamate and form a new Producer Company; or      (b) merge one Producer Company (hereafter referred to as "merging company") with another Producer Company (hereafter referred to as "merged company"). (3) Every resolution of a Producer Company under this section shall be passed at its general meeting by a majority of total Members with right of vote not less than two-thirds of its Members present and voting and such resolution shall contain all particulars of the transfer of assets and liabilities, or division, amalgamation, or merger, as the case ....

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....by the Producer Company;      (c) in the case of purchase of shares of one Producer Company by another Producer Company, the consequent reduction of its share capital;      (d) termination, setting aside or modification of any agreement, howsoever arrived between the company on the one hand and the directors, secretaries and manager on the other hand, apart from such terms and conditions as may, in the opinion of the majority of shareholders, be just and equitable in the circumstances of the case;      (e) termination, setting aside or modification of any agreement between the Producer Company and any person not referred to in clause (d): Provided that no such agreement....

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....ger shall be fully and effectively carried out. (9) When a resolution passed by a Producer Company under this section takes effect, the resolution shall be a sufficient conveyance to vest the assets and liabilities in the transferee. (10) The Producer Company shall make arrangements for meeting in full or otherwise satisfying all claims of the Members and the creditors who exercise the option, within the period specified in sub-section (4), not to continue as the Member or creditor, as the case may be. (11) Where the whole of the assets and liabilities of a Producer Company are transferred to another Producer Company in accordance with the provisions of sub-section (9), or where there is merger under sub-section (2), the registrati....