(1) Where a co-operative society, after having informed the
Registrar atleast fifteen days beforehand, by a special resolution passed in
its general body meeting, proposes -
(a) to transfer its assets and liabilities in whole or in part to any other cooperative society, if the other society also, by a special resolution passed in its general body meeting approves such decision; or
(b) to divide itself into tw or more co-operative societies; or
(c) to amalgamate with another society to form a new cooperative society, if the other society also, by a special resolution passed in its general body meeting approves such decision,
such proposal shall be forwarded to the Registrar in the manner as may be prescribed and if the Registrar is satisfied that such proposal is in the interest of the co-operative movement and the public, he shall approve the proposal within sixty days of its submission or else send it back to the society for reconsideration alongwith his observations.
(2) Where the society, after reconsideration as required under sub-section (1), submits the proposal again, the Registrar shall, if in his opinion such modified proposal meets the requirements as expressed in his observations, approve it within sixty days of submission or else communicate his order of rejection to the society.
(3) If no action is taken on the proposal of the society within the period specified under sub-section (2), the society may, within thirty days from the expiry of such period, move, the Registrar, Co-operative Societies, Rajasthan, where the registering authority is subordinate to him, and the Government, where the Registrar, Co-operative Societies, Rajasthan is himself the registering authority, for decision on their application and the Registrar, Co-operative Societies, Rajasthan or the Government, as the case may be, shall, within thirty days of receipt of the application, decide it and issue necessary and decisive directions to the registering authority, failing which the proposal shall be deemed to have been approved.
(4) Where the proposal of the society has been approved by the Registrar or is deemed to have been approved, the society shall give notice containing all the particulars thereof in writing to all its members and creditors and, notwithstanding any bye-law or contract to the contrary, any member or creditor shall, during a period of one month, from the date of service of such notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be.
(5) Any member or creditor who does not exercise his option within the period specified in sub-section (4) shall be deemed to have assented to the proposals contained in the resolution.
(6) A resolution passed by a Co-operative Society under this section shall not take effect until, either -
(a) the assent thereto of all the members and creditors has been obtained; or
(b) all claims of members and creditors, who exercise the option referred to in sub-section (4) within the period specified therein, have been met in full.
(7) Where a resolution passed by a co-operative society under this section involves the transfer of any assets and liabilities, the resolution shall, notwithstanding anything contained in any law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.
(8) The amalgamation, division or transfer made under this section shall not affect any rights or obligations of the societies so amalgamated, or of the society so divided or of the transferee, or render defective any legal proceedings which might have been continued or commenced by or against the societies which have been amalgamated or divided, or the transferee; and accordingly such legal proceedings may be continued or commenced by or against the amalgamated society, the divided societies or the transferee, as the case may be.
(a) to transfer its assets and liabilities in whole or in part to any other cooperative society, if the other society also, by a special resolution passed in its general body meeting approves such decision; or
(b) to divide itself into tw or more co-operative societies; or
(c) to amalgamate with another society to form a new cooperative society, if the other society also, by a special resolution passed in its general body meeting approves such decision,
such proposal shall be forwarded to the Registrar in the manner as may be prescribed and if the Registrar is satisfied that such proposal is in the interest of the co-operative movement and the public, he shall approve the proposal within sixty days of its submission or else send it back to the society for reconsideration alongwith his observations.
(2) Where the society, after reconsideration as required under sub-section (1), submits the proposal again, the Registrar shall, if in his opinion such modified proposal meets the requirements as expressed in his observations, approve it within sixty days of submission or else communicate his order of rejection to the society.
(3) If no action is taken on the proposal of the society within the period specified under sub-section (2), the society may, within thirty days from the expiry of such period, move, the Registrar, Co-operative Societies, Rajasthan, where the registering authority is subordinate to him, and the Government, where the Registrar, Co-operative Societies, Rajasthan is himself the registering authority, for decision on their application and the Registrar, Co-operative Societies, Rajasthan or the Government, as the case may be, shall, within thirty days of receipt of the application, decide it and issue necessary and decisive directions to the registering authority, failing which the proposal shall be deemed to have been approved.
(4) Where the proposal of the society has been approved by the Registrar or is deemed to have been approved, the society shall give notice containing all the particulars thereof in writing to all its members and creditors and, notwithstanding any bye-law or contract to the contrary, any member or creditor shall, during a period of one month, from the date of service of such notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be.
(5) Any member or creditor who does not exercise his option within the period specified in sub-section (4) shall be deemed to have assented to the proposals contained in the resolution.
(6) A resolution passed by a Co-operative Society under this section shall not take effect until, either -
(a) the assent thereto of all the members and creditors has been obtained; or
(b) all claims of members and creditors, who exercise the option referred to in sub-section (4) within the period specified therein, have been met in full.
(7) Where a resolution passed by a co-operative society under this section involves the transfer of any assets and liabilities, the resolution shall, notwithstanding anything contained in any law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.
(8) The amalgamation, division or transfer made under this section shall not affect any rights or obligations of the societies so amalgamated, or of the society so divided or of the transferee, or render defective any legal proceedings which might have been continued or commenced by or against the societies which have been amalgamated or divided, or the transferee; and accordingly such legal proceedings may be continued or commenced by or against the amalgamated society, the divided societies or the transferee, as the case may be.