Section 44AQ(3) in The Bihar Co-operative Societies Act, 1935
(3)Notwithstanding anything contrary in this Act, the society or societies which are reorganised under sub-section (2) along with its Managing Committee shall be deemed to have been dissolved and shall cease to exist from the date of registration of the new society/ societies under sub-section (2) and the membership of such registered society shall stand transferred to the respective primary agriculture credit society created for the panchayat to which such members belong after reorganization under sub-section (2) and all the assets and liabilities thereof shall get divided/distributed amongst the new society/societies in the manner prescribed by the Registrar/Government: Provided that the State Govt, may from time to time, declare a moratorium on the liabilities of the new society/ societies created under sub-section (2) of this Section."
