Section 20(3) in The Maharashtra Non-Trading Corporations Act, 1959
(3)Any corporation may by a special resolution passed in accordance with sub¬section (1) transfer its assets and liabilities to any other corporation which is prepared to accept them :Provided that where any such amalgamation, division or transfer of assets or liabilities involves the transfer of its liabilities by any corporation to any other corporation, three months’ notice to the creditors of both or all such corporations shall be given before such resolution is passed :Provided further that if any creditor of any of the corporations concerned objects to the amalgamation, division or transfer of assets and liabilities one month before the date fixed for the amalgamation, division or transfer, the amalgamation, division, or transfer shall not be made until the dues of such creditor have been satisfied.
