(1) On the amalgamation with effect on and from the appointed day,-
(i) save as otherwise expressly provided in this Act, the provisions of the Co-operative Societies Act shall apply to the new society;
(ii) the assets and liabilities of every description of the amalgamated societies shall stand transferred to the new society:
Provided that no such transfer shall prejudicially affect or render in effective any suit, appeal or legal proceedings of whatever nature pending by or against the amalgamated societies, but such suit, appeal or legal proceedings may be continued, prosecuted and enforced by or against the new society:
Provided further that the liabilities of the amalgamated societies shall continue to be governed by such guarantee of the Government as subsisted with regard to them on the appointed day, as if such guarantee were given in respect of the liabilities so transferred, immediately after the appointed day;
(iii) the Government and the primary and other Co-operative Societies which are members of, or affiliated to the amalgamated societies shall be deemed to be the member of, and affiliated to the new society;
(iv) all contracts, deeds, bonds, agreements and other instruments of whatever nature subsisting and relating to the assets and liabilities transferred to the new society, from the amalgamated societies which have been parties thereto shall have full force in favour of or against the new society, and may be enforced as if the said new society has been a party thereto.
(2) The Government may, by notification, make such supplemental, incidental and consequential provisions (including the provision as to committees, authorities, properties, rights and interests, liabilities, duties and obligations of the amalgamated societies or new society) as they may deem necessary to give effect to the provisions of this Act.