Section 11(4) in Karnataka Co-Operative Societies Act, 1959
(4)An amendment of the bye-laws of a co-operative society changing the form or extent of its liability shall not be registered or take effect until either,-(a)the assent thereto of all members and creditors has been, or deemed to have been, obtained; or(b)all claims of members and creditors who exercise the option referred to in sub-section (2) within the period specified therein have been met in full.
