(1) Any co-operative society existing on the date coming into force of this Act and registered under the Co-operative Credit Societies Act, 1904, or the Co-operative Societies Act, 1912, or under any other law relating to co-operative societies in force in the State of Uttar Pradesh shall be deemed to be registered under this Act, and its bye-laws shall so far as the same are not inconsistent with the express provisions of this Act [or the rules made thereunder] continue in force until altered or rescinded according to the provisions of this Act [and the rules made thereunder.]
(2) Any co-operative society to which sub-section (1) applies and which conforms to the requirements of section 77 shall be deemed to be a co-operative farming society for the purposes of Chapter XI.
(3) Every co-operative society covered by sub-section (1) shall, within a period of one year from the date of coming into force of this Act, delete or amend such bye-laws as are inconsistent with the provisions of this Act and the rules and shall make such further bye-laws as may be necessary having regard to the provisions of this Act and the rules.
(4) In default of action on the part of any co-operative society as required by sub-section (3), the Registrar may make necessary amendment including deletions and additions in the bye-laws of the society.
(5) Every co-operative society shall within a period of one year from the date of coming into force of this Act or such further period as the Registrar may, for reasons to be recorded in writing, allow for any co-operative society adjust its membership according to the classification of members under this Act ;
Provided that any existing member who cannot be adjusted into one or the other kinds of memberships shall be deemed on the expiry of the period of one year or the extended period, if any, to have withdrawn from the membership of the society with the same rights and liabilities attached as if he had withdrawn form membership before the coming into force of this Act.
(6) Where a co-operative society fails to adjust membership as specified in sub-section (5), the Registrar may make the adjustment and direct as to whom, if any, of the existing members shall be deemed to have withdrawn their membership under the provisions of sub-section (5).
(7) Every co-operative society shall within one year of the coming into force of this Act constitute its committee of management in accordance with the provisions of this Act and the rules and in default thereof the Registrar shall in the manner prescribed constitute the committee of management.
(8) Notwithstanding anything in this Act no act or proceeding of a co-operative society or its committee of management shall be invalid or questioned in court merely on the ground that up to the time of adjustment of membership or reconstitution of the committee of management in accordance with the provisions of this section the membership of the society or the constitution of its committee of management was inconsistent with the provisions of this Act or the rules.