(1) Notwithstanding anything contained in this Act, where . compromises or arrangement is proposed between a registered co-operative society and its creditors or a class of them, the Registrar upon an application made by a registered co-operative society or by a liquidator in case of a co-operative society in respect of which an order has been passed for the winding up thereof, or by a creditor or creditors or any class of creditors, may order a meeting of the creditors.
(2) If a majority in number of creditors or the class of creditors as the case may be, representing claims to three-fourths of the debts due by the co-operative society to the creditors or class of creditors, at a meeting agree to any compromise or arrangement and if the Registrar agrees to such compromise or arrangement and gives his sanction then the compromise or arrangement shall be binding on all the creditors or class of creditors and also on the co-operative society or on the liquidator in the case of a co-operative society in respect of which an order has been passed for the winding up thereof, and on all persons who may be required by the liquidator to contribute to the assets of the co-operative society.