Section 15(1) in The Meghalaya Co-operative Societies Act
(1)(i)Any registered society may, at a meeting of its General Assembly specially called for the purpose, resolve to divide into two or more societies. At least fifteen clear days notice of such meeting with the agenda shall be given to its members together with a copy of the proposed resolution.(ii)Such a resolution shall contain the proposal as to how to divide the assets and liabilities of the society among the newly proposed societies, their areas of operation and the members who will constitute each of the newly proposed societies with draft new bye-laws.(iii)A copy of the resolution shall be sent to the Registrar within thirty days of its adoption and subject to the Registrar's non-interference within thirty days of the despatch to him of the resolution, the resolution shall be circulated among the members and creditors of the society.(iv)Notwithstanding any bye-laws to the contrary, any member of the society, and notwithstanding any agreement to the contrary any creditor of receipt of the resolution, intimate in case of a member his intention not to become a member of any of the societies, and in case of a creditor his intention to demand a return of the amount due to him.(v)After the expiry of ninety days from the passing of the aforesaid resolution, a meeting of the General Assembly shall be convened for finally deciding the resolution. At least fifteen clear days notice with the agenda of the meeting shall be given to all members of the society.(vi)If the General Assembly decides by a three fourth majority finally to divide the society and if the Registrar approves of the decision, the members who will constitute each of the newly proposed societies subscribing to the new draft bye-laws shall apply to the Register under Section 10 for registration of the new societies and the Registrar shall register the societies under Section 11.(vii)The Registrar shall not register the new societies if the application for registration is not accompanied by a certificate or re-payment of share capital to members and certificate of satisfaction of claims to creditors referred to in Clause (iv).(viii)From the date on which the new societies are registered under Clause (vi) the registration of the old society shall be deemed to have been cancelled.(ix)The registration of the new societies shall be a sufficient conveyance to vest the assets and liabilities of the original society according to the aforesaid resolution in the new societies.
