Section 36 in Jharkhand Co-operative Societies Rules, 2008
36. Change of liability.
- A registered society may, by a resolution passed at a general meeting held specially for the purpose, change its liability from limited to unlimited or from unlimited to limited, or in the case of a society of limited liability change the extent of such liability:Provided that -(i)the society shall give two week's notice in writing to its members, and the federation of its intention to change the nature and extent of its liability;(ii)any member or federation shall have the option of withdrawing its shares, deposits or loan, as the case may be, within one month from the date of general body or until all such claims have been satisfied, and(iii)in the event of the decision to change the nature or extent of the liability being latter reversed, any member or federation who has withdrawn his share, deposits, or loans, as the case may be, under clause(ii), shall have the right to resume its interest in the society as share holder, depositor or creditor to the same extent as he had before the withdrawal.
