Section 15(4A) in The Goa Co-operative Societies Act, 2001
(4A)[ Where any society is found to be degenerating in it's operation and the share value of such society has come down below it's face value as on the last day of the year immediately preceding it's revaluation, the Registrar may, in the interest of members, suo-motu, direct the society to,-(a)amalgamate with another society;(b)transfer it's assets and liabilities, in whole or in part, to any other society;(c)divide itself into two or more societies; or(d)convert itself into another class of society.In case the society fails to complete the process of amalgamation, transfer, division or conversion, as the case may be, within 45 days from the date of such direction, the Registrar shall order the amalgamation, transfer, division or conversion, as the case may be, of such degenerating society. All claims of members, creditors and other interested persons of such society as on the date of such order shall stand transferred to the society with which such degenerating society may have been amalgamated, or to the society to whom assets and liabilities have been transferred or to the society formed after division or conversion, as the case may be] [Inserted by the Goa Co-operative Societies (Amendment) Act, 2009.].
