Section 101 in West Bengal Co-operative Societies Rules, 2011
101. Change of Liability.
(1) A Co-operative society may, by amendment of the bye-laws, change the form or extent of its liability.(2)When a Co-operative society passed a resolution to change the form or extent of its liability, the society shall give notice thereof in writing to all its members and creditors and notwithstanding any bye law or contract to the contrary, any member or creditor shall, within one month of the service of the notice upon him, have the option of withdrawing his shares, deposits or loans. Any member or creditor, who does not exercise his option within the period aforesaid, shall be deemed to have assented to the change.(3)The change shall not take effect until (a)the assent thereto of all members and creditors has been secured, or(b)all claims of members and creditors who exercise the option referred to in sub-rule (2) have been met in full.
