( 1 ) A co-operative society may, with the previous approval of the Amalga- Registrar and by a resolution passed by a two-thirds majority of the melnbers present and voting at the general meeting of the society,- XTRAORDINARY .... ........ - . . - - . . -.
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(2) Any two or more co-operative societies may, with the previous approval of the Registrar and by a. resolution passed by a two-thirds majority of the members present and voting at a general meeting 'of each such society, amalgamate themselves and form a new co-operative society.
(3) The resolution of a co-operative society under sub-section (1) or sub-section (2) shagll contain all particulars of the transfer, division or amalgamation, as the case may be.
(4) When a co-operative society has passed any such resolution, it shall give notice thereof in writing to all its members and creditors and, notwithstanding any bye-laws or contract to the contrary, any rpember or creditor shall, during the period of one month of the date of service of the 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-opera-tive society under this section shall not take effcct, until cithcr
(a) all t l ~ c llzeilzbers and credtors 'havc as~ented, or are deemed to have assented, to the resolution aforesaid; or
(b) all claims of the members and creditors who sxercise the option referred to in sub-section (4) within the peilod specified therein ha've beer1 rnet in lull or otherwise satisfied.
(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.