Section 3 in The State Co-Operative Societies (Re-Constitution and Formation) Act, 1954
3. Acts done under Ordinance to be effective and binding on shareholders and creditors.
- The reconstitution of the then existing societies, the registration of changes in their by-laws consequent on the reconstitution of the said societies, the formation of the new societies and their registration, the division of assets and liabilities as between, in each ease, the reconstituted society, and the corresponding new society, the terms and conditions subject, to which such division of assets and liabilities was made, the adjustments of rights, liabilities and guarantees, and the creation; transfer and allotment of liabilities as between, in each asset the reconstituted society and the corresponding new society and all acts done and decisions made in pursuance of the Ordinance shall, in all respects, be effective and binding on all the shareholders and the creditors of each of the then existing societies, the share-holders and the creditors of each of the reconstituted societies and the Government of the [State of Tamil Nadu] [The expression was substituted for the expression 'State of Madras by the Tamil Nadu Adaption of Laws Order, 1969 as amended by the Tamil Nidu Adaptation of Laws (Second Amendment) Order, 1969.].
