(1) Notwithstanding anything contained in this Act, where a compromise or arrangement is proposed between a society and its creditor or creditors or any class of them, the Registrar, upon an application made in the prescribed manner by the society or by any creditor, or, in the case of a society in respect of which an order has been passed for the winding up thereof, by the liquidator, may order a meeting of the creditors or the class of creditors, as the case may be, to be called, held and conducted in such manner as may be prescribed.
(2) If a majority in number of the creditors, or the class of the creditors, as the case may be, representing claims to three-fourth of the debts due by the society to the creditors, or the class of the creditors, present either in person or by proxy at the meeting, agree to any compromise or arrangement, the compromise or arrangement shall, if sanctioned by the Registrar, upon publication in the prescribed manner, be binding on all the creditors or the class of creditors, as the case may be, and also on the society or, in the case of a society in respect of which an order has been passed for the winding up thereof, on the liquidator and on all persons who have been or may be required by the liquidator under section 80 to contribute to the assets of the society.
CHAPTER X WINDING UP AND DISSOLUTION OF CO-OPERATIVE SOCIETIES