(1) For the purpose of reconstituting the existing societies and forming the corresponding new societies as aforesaid, the Registrar of Co-operative Societies for the State of Madhya Pradesh (hereinafter in this Act referred to as "the Registrar"), shall place before a meeting of the general body, specially convened for the purpose by giving a notice of seven days of each of the existing societies, as specified in clause (a) of Section 2, a scheme regarding-
(a) the division of its assets and liabilities between the society as reconstituted and the corresponding new society;
(b) the allocation of its staff between the society as reconstituted and the corresponding new society; and
(c) the members who would constitute each of the said societies :
Provided that if a reconstitution scheme has already been approved by the general body of the existing society, the meeting shall not be necessary.
(2) If the scheme of the reconstitution under sub-section (1) is confirmed by a resolution passed by two third majority of the members present at the meeting either without modifications or with modifications to which the Registrar agrees, the Registrar shall certify the scheme and under the Madhya Pradesh Co-operative Societies Act, 1960 (No. 17 of 1961), form and register the corresponding new societies accordingly and shall register the changes in the bye-laws of the existing societies consequent on the formation and registration of the new societies.
(3) If any dispute arises between a member and a society, between a depositor and a society or any other interested party and a society after reconstitution of the society, the matter shall be referred by the Registrar to the Madhya Pradesh State Co-operative Tribunal, whose decision in this regard shall be final.