Section 16(3) in The Manipur Co-operative Societies Act, 1976
(3)(a)Any member or creditor who does not exercise his option within the period specified in sub-section (2), shall be deemed to have assented to the change.(b)An amendment of the bye-laws of a society, changing the form or extent of its liability, shall not be registered or take effect until, either-(i)all members and creditors have assented, or deemed to have assented thereto as aforesaid; or(ii)all claims of members and creditors who exercise the option given by sub-section (2), within the period specified therein, have been met in full or otherwise satisfied.
