(1) Subject to the proviso to section 4 and to any •fiiles made in this behalf, a registered society may, with the previous sanction of the Registrar, change its liability from limited to unlimited or from unlimited to 'limited :— |. Provided that—
(i) The society sfrall give notice in writing of its intention to change its .liability to all its members and creditors.
(ii) Any member or creditor shall, notwithstanding any bye-law or con ta c t to the contrary, have the option of withdrawing bis shares, deposits or loans, fas the case,may be, within three months of the service of such notice on him 'and the change shall not take effect until all such claims have been satisfied ;
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(iii) Any member or creditor, who docs not exercise his option within the jperiod aforesaid, shall be deemed to have assented to the change.
(2) Nothwithstanding anything contained in the proviso to sub-section (1) Ke change shall take effect at once if all the members and creditors assent thereto.
(3) The Registrar shall register the amendment of the bye-laws consequent on the change of liability; provided that no person who ceases to be a member ■ipf the society before such amendment is registered shall be adversely affected by Hhe change of liability.