(1) A co-operative society may, by an amendment of its bye-laws, change its name but such change shall not affect any right or obligation of the society or of any of its members or past members, and any legal proceedings pending may be continued by or against the society under its new name.
(2) Where a co-operative society changes its name, the Registrar shall enter the new name on the register of co-operative societies in place of the former name and shall amend the certificate of registration accordingly.
SECTION -12 Change of liability. -(1) Subject to the provisions of this Act THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 11 8TH FINAL PRINT AS ON 05.10.2006 and the rules, a co-operative society may, by an amendment of its bye-laws, change the form or extent of its liability.
(2) When a co-operative society has passed a resolution to change the form or extent of its liability, it shall give notice 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 serivce 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 have 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 take effect until either-
(a) the assent thereto of all members and creditors has been obtained ; or
(b) all claims of members and creditors who exercise the option, referred to in sub-section (2) within the period specified therein have been met in full.
SECTION -13
13. Amalgamation, transfer of assets and liabilities and division of co-operative societies :
(1) A co-operative society 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 the society, - THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 12 8TH FINAL PRINT AS ON 05.10.2006 1 [(a) transfer its assets and liabilities in whole or in part to another co-operative society provided the co-operative society to which the assets and liabilities are to be transferred also passes a resolution in the aforesaid manner to accept such assets and liabilities in whole or in part, as the case may be;]
(b) divide itself into two or more co-operative societies.
(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) shall 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 member 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-operative society under this section shall not take effect until, either-
1. Substituted by Punjab Act 26 of 1969, section 5 THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 13 8TH FINAL PRINT AS ON 05.10.2006
(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.
1 [(8) Where the Registrar is satisfied that it is necessary in the interest of the co-operative society or co-operative societies that -
(i) any co-operative society be divided to form two or more co-operative societies; or
(ii) one or more co-operative societies be amalgamated with any other co-operative society; or
(iii) two or more co-operative societies be amalgamated to form a new co-operative society, then, notwithstanding anything hereinbefore contained, the Registrar may, after consulting the financing institution, if any, provide for -
(a) the division of that co-operative society into two or more co-operative societies; or
(b) the amalgamation of the society or societies -
1. Inserted by Punjab Act, 8 of 1978, section-2.
THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 14 8TH FINAL PRINT AS ON 05.10.2006
(i) with any other co-operative society; or
(ii) to form a new co-operative society;
with such constitution including representation on the committee, property rights, interests, liabilities, duties and obligations, as may be specified in the order.
(9) No order shall be made under sub-section (8), unless :-
(a) a copy of the proposed order has been sent under certificate of posting to the society or societies concerned and the creditors; and
(b) the Registrar has considered the objections received from the society or societies concerned or from any member or creditor of such society or societies within such period, being not less than fifteen days from the date of posting of the proposed order, as may be specified by the Registrar in this behalf in the proposed order.
(10) The Registrar may, after considering the objections referred to in sub-section (9), make such modification in the proposed order as he may deem fit and the order may contain such incidental, consequential and supplemental provisions as the Registrar may deem necessary to give effect to the same.
(11) A member or creditor who had objected to the proposed order under sub-section (9)shall have the option of withdrawing his share, deposits or loans, as the case may be, on an application which shall be made to the society to which his share, deposit or loan stands allocated by virtue of the order under sub-section
(8), within a period of thirty days of the date of such order.
THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 15 8TH FINAL PRINT AS ON 05.10.2006
(12) Save as provided in sub-section (11), the order passed by the Registrar under sub- section (8) shall be final and where such an order involves the transfer of any assets and liabilities the same 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 society in which these are vested under that order without any further assurance.]
SECTION - 14