(1) Where the whole of the assets and liabilities of a co-operative society are transferred to another co-operative society in accordance with the provisions of sections 13 and 14, the registration of the former co-operative society shall stand cancelled and the society shall be deemed to have been dissolved.
(2) Where one or more co-operative societies are amalgamated with any other co-operative * Section 14- Section 14-A added by Act No.1 of 1999.
12 society in accordance with the provisions of clause(i) of sub-section (1) of section 14, the registration of the co-operative society or cooperative societies, as the case may be, so amalgamated shall stand cancelled and the same shall be deemed to have been dissolved on the date of the order of amalgamation and the members thereof shall become the members of other co-operative society.
(3) Where two or more co-operative societies are amalgamated into a new co-operative society in accordance with provisions of section 13 and 14, the registration of each of the amalgamating societies, shall stand cancelled on the registration of the new society and each society shall be deemed to have been dissolved.
(4) Where a co-operative society divides itself into two or more co-operative societies in accordance with the provisions of section 13, the registration of that society shall stand cancelled on the registration of the new societies and that society shall be deemed to have been dissolved.
(5) The amalgamation and splitting of co-operative societies shall not in any manner whatsoever affect any right or obligation of the resulting co-operative society or societies or render defective any legal proceedings by or against the co-operative society or societies and any legal proceedings that might have been continued or commenced by or against the co-operative society or societies, as the case may be, before the amalgamation or splitting, may be continued or commenced by or against the resulting co-operative society or societies.
CHAPTER III RIGHTS AND LIABILITIES OF MEMBERS