Section 11 in The M.P. Swayatta Sahakarita Adhiniyam, 1999
11. Transfer of assets and liabilities.
(1)A co-operative may, by special resolution, decide to transfer its assets and liabilities, in whole, to any other co-operative which, by special resolution, agrees to receive such assets and liabilities.(2)Where special resolutions are passed sub-section (1), each co-operative shall give notice thereof together with a copy of the resolution passed by it to all its members and creditors, and any member other than those who voted in favour of the proposed transfer of assets and liabilities, or the proposed agreement to receive such assets and liabilities, as the case may be, and any creditor shall, during a period of thirty days from the date of service of notice upon him, have the option of withdrawing his shares, deposits or loans from the co-operative, as the case may be, subject to the discharge of his obligations to the co-operative.(3)Any member or creditor who fails to exercise the option within the period specified in sub-section (2) shall be deemed to have assented to the transfer or receipt of assets and liabilities as the case may be.(4)The special resolution passed under sub-section (1) shall not lake effect until :-(a)all claims of the members and creditors of each co-operative who have exercised the option under sub-section (2) have been met in full or otherwise satisfied; and(b)information of the intended transfer of assets and liabilities and settlement of claims of members and creditors of co-operatives concerned is sent to the Registrar and his acknowledgement is obtained.(5)When a co-operative transfers the whole of its assets and liabilities to any other co-operative under this section, the registration of the co-operative transferring the assets and liabilities shall stand cancelled and it shall be deemed to have been dissolved and shall cease to exist as a corporate body, and the Registrar shall delete the name of such co-operative from the register of co-operatives.
