Section 15 in The M.P. Swayatta Sahakarita Adhiniyam, 1999
15. Vesting of assets and liabilities in resulting co-operative.
- A resolution passed under sub-section (1) of Section 11 or sub-section (1) of Section 12 or sub-section (1) of Section 13 or sub-section (1) of Section 14 shall be sufficient conveyance to vest the assets and liabilities of each affected co-operative in the resulting co-operative or co-operatives concerned, such vesting being subject only to the provisions of the scheme of transfer of assets and liabilities or of division of co-operative or of amalgamation of co-operatives or of merger of co-operative as the case may be.Explanation :-For the purpose of this section-(a)"affected co-operative" means a co-operative which decides in any of the manners specified in Section 11, 12, 13 or 14;(b)"resulting co-operative" shall have the meaning assigned to it in Section 17.
