Notwithstanding anything in the Co-operative Societies Act, or the rules made thereunder or the bye-laws of the transferor societies for the time-being in force, with effect on and from such date as the Government may, by notification, specify in this behalf, the assets and liabilities of the Andhra Pradesh State Wool Industrial Co-operative Society Limited, Hyderabad, the Andhra Pradesh State Textile Processing Co-operative Society Limited, Hyderabad and the Nellore District Weavers Service Co-operative Society Limited, Nellore, shall stand transferred to and form part of the assets and liabilities of the Telangana State Handloom Weavers Co-operative Society Limited having as the area of its operation, the entire territory comprised in the State.
(2) On and from the specified day-
(a) the registration of each of the transferor societies shall stand cancelled and the said societies shall be deemed to have been dissolved and shall cease to exist as corporate bodies;
(b) the Telangana State Handloom Weavers Co-operative Society Limited shall have full and sufficient conveyance and vestiture in the assets and liabilities transferred to it and shall apply all the provisions of its bye-laws as amended from time to time in regard to their operation and regulation;
(c) the existing units of the transferor societies shall function as separate functional units of the Telangana State Handloom Weavers Co-operative Society Limited.