Section 16(2) in The M.P. Co-Operative Societies Act, 1960
(2)A society may, by resolution passed by two-third majority of the members present and voting at a special general meeting held for the purpose decide to reorganise itself by-(a)amalgamating itself with another society; or(b)transferring its assets and liabilities in whole or in part to any other society; or(c)dividing itself into two or more societies; or(d)converting itself into a class of society, the object of which is materially different from that under which it has been classified under this Act :Provided that no such decisions shall take effect unless it is approved by the Registrar :[Provided further that in case of a Co-operative Bank, the Registrar shall not give his approval save with the previous sanction in writing of the Reserve Bank;] [Inserted by M.P. Act No. 8 of 1970.][Provided also that an order for the winding up or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction, of a Co-operative Bank shall be made only with the previous sanction in writing of the Reserve bank.] [Inserted by M.P. Act No. 25 of 2016, dated 12.9.2016.]
