(1) Notwithstanding anything contained in this Act, where a compromise or arrangement is proposed between a registered society and its creditor or creditors or any class of them the Registrar, upon an application made by a registered society or by liquidator, in case of a society in respect of which an order has been passed for the winding up thereof, or by a creditor or creditors or any class of creditors may order a meeting of the creditors.
(2) If a majority number of creditors or the class of creditors, as the case may be representing claims to three-fourths of the debts due by the society to the creditor or class of creditors, at a meeting agree to any compromise or arrangement and and if the Registrar agrees to such compromise or agreement and gives his sanction then the compromise or the arrangement shall be binding on all the creditors or class of creditors and also on the society or on the liquidator in the case of a society in respect of which an order has been passed for the winding up thereof, and on all persons who may be required by the liquidator to contribute to the assets of the society.
PREVIOUS SANCTION OF RESERVE BANK OF INDIA OR NABARD IN CERTAIN MATTERS SOCIETY TO BEA BODY CORPORATE REGISTER OF MEMBERS ENTRIES IN BOOKS OF REGISTERED SOCIETY SHALL BE RECEIVED AS PRIMA FACIE EVIDENCE
CHAPTER -XII!
MISCELLANEOUS.
116. Notwithstanding anything contained in sections 12,13,14,15 in the case of a cooperative bank or an urban cooperative bank, no conversion, transfer, division, amalgamation, merger, dissolution shall take place save with the previous sanction in writing of the Reserve Bank of India, the National Bank for Agriculture and Rural Development Bank, as the case may be. Once a banking license is cancelled by the concerned authority, it is mandatory on the part of Registrar of Cooperative Societies to send it into liquidation.
117. Every registered cooperative society shall be deemed to be a body corporate by the name under which it is registered, with perpetual succession and a common seal, and with power to hold property, to enter into contracts, institute and defend suits and other legal proceedings and to do all things necessary for the purpose for which it was constituted.
118. Any register or list of members or shares kept by any registered society shall be prima facie evidence of any of the following particulars entered therein -
(a) the date on which the name of any person was entered in such register or list as a member, and
(b) the date on which any such member ceased to be a member.