(1) A Co-operative Society may, by an amendment of its bye-laws, change its name.
(2) Where 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.
(3) The change of name of a Co-operative Society shall not affect any rights or obligations of the Co-operative Society, or render defective any legal proceedings by or against it ; and any legal proceedings which might have been continued or commenced by or against the Society by its former name may be continued or commenced by its new name.
[(4) No Primary Agricultural Co-operative Credit Society or its Federation or Association (except those which are permitted to act as a bank under Banking Regulation Act, 1949 (Central Act No. 10 of 1949) shall be registered with the words bank or any other derivative of the word bank in its registered name or shall use the same as a part of its name :
Provided that where any Primary Agricultural Credit Society is presently using the word bank or any other derivative of this word, it shall within three months from the date of coming into force of the Jammu and Kashmir Co-operative Societies (Amendment) Act, 2010 remove the word bank or its derivative, if any, from its name :
Provided further that in the event of failure on the part of the Society concerned to remove such word from its name, the Registrar shall, after affording a reasonable opportunity of being heard to such Society, order the winding up of such Society forthwith].