( 1 ) Subject to the provisions of this Regulation and the rules, a liability. co-operative society may, by an amendment of its bye-laws, change the form or extent of its liability.
(2) When a s-operative society has passed a resolution to change the form or extent of its liability, i t shall give notice thereof in writing to all its members and creditors and, notwithstanding any bye-laws or contract bo the contrary, any member or creditor shall, during a period of one month from the date of service of the notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be.
(3) Any member or creditor who does not exercise his option within the period specified in sub-section ( 2 ) shall be deemed to hawe assented to the change.
(4) An amendment of a bye-law of a co-operative society changing the form or extent of its liability shall not be registered or shall not take effect until either-
(a) all the members and creditors have assented, or deemed to have assented, to the change; or ('b) all claims of the members and creditors who exercise the option referred to in sub-section ( 2 ) within the period specified there-.
in have been met in full .or otherwise satisfied.