Section 4(3) in Assam Co-Operative Societies Act, 2007
(3)Where a cooperative society with unlimited liability was functioning before the commencement of this Act such society shall exercise the option within a period of one year from such commencement either to continue to function as such or to convert itself into a cooperative society with limited liability by following the procedure of amendment as specified in Section 12.Explanation. - For the purpose of this sub-section cooperative society with limited liability means a" cooperative society in which the liability of its members for the debts of the cooperative society is limited by its bye-laws, to such form and extent as they may undertake to contribute to any deficit in the assets of the cooperative society in the event of its being wound up.
