Section 14 in The Orissa Co-operative Societies Act, 1962
14. Amalgamation, transfer of assets and liabilities and division of Societies.
(1)A Society may [* * *] [Omitted by Orissa Act 28 of 1991, Section 9(i) dated 31.12.1991, force w.e.f. 1.5.1993] by a resolution passed by a majority of the members present and voting at a general meeting of the Society -(a)transfer its assets and liabilities in whole or in part to any other Society which is prepared to accept them; or(b)divide itself into two or more Societies.(2)Any two or more Societies may, [* * *] [Omitted by Orissa Act 28 of 1991, Section 9(i) dated 31.12.1991, force w.e.f. 1.5.1993] by a resolution passed by a majority of the members present at an ordinary general meeting of each such Society specially convened for the purpose which at least seven days clear notice has been given to each member and subject to the other condition of this section amalgamate into a single Co-operative Society.(3)[* * *] [Deleted by Orissa Act 19 of 1983 Section 4(a) & (b) &(c) & (d) & (e) & (f)-See Orissa Gazette Extraordinary dated 11.10.1983.](4)The resolution of a Society under Sub-section (1) or Sub-section(2) [* * *] [Deleted by Orissa Act 19 of 1983 Section 4(a) & (b) &(c) & (d) & (e) & (f)-See Orissa Gazette Extraordinary dated 11.10.1983.] shall contain all particulars of the transfer, division or amalgamation, as the case may be.(5)When a Society has passed any such resolution under Sub-section (1) or Sub-section (2) [* * *] [Deleted by Orissa Act 19 of 1983 Section 4(a) & (b) &(c) & (d) & (e) & (f)-See Orissa Gazette Extraordinary dated 11.10.1983.] the Society concerned shall give notice thereof in writing in the prescribed manner to all its members and creditors and, notwithstanding, any Bye-Laws or contract to the contrary, any member or creditor shall, during the period of one month from the date of issue of the notice, have the option of withdrawing his shares, deposits or loans, as the case may be.(6)Any member or creditors who does not exercise his option within the period specified in Sub-section (5) shall be deemed to have assented to the proposals contained in the resolution [* * *] [Deleted by Orissa Act 19 of 1983 Section 4(a) & (b) &(c) & (d) & (e) & (f)-See Orissa Gazette Extraordinary dated 11.10.1983.](7)A resolution [* * *] [Deleted by Orissa Act 19 of 1983 Section 4(a) & (b) &(c) & (d) & (e) & (f)-See Orissa Gazette Extraordinary dated 11.10.1983.] passed under this section shall not take effect until all claims of members and creditors who exercise the option referred to in Sub-section (5) within the period specified therein, have been met in full.(8)Where a resolution [* * *] [Deleted by Orissa Act 19 of 1983 Section 4(a) & (b) &(c) & (d) & (e) & (f)-See Orissa Gazette Extraordinary dated 11.10.1983.] passed under Section involves the transfer of any assets and liabilities, the resolution [* * *] [Deleted by Orissa Act 19 of 1983 Section 4(a) & (b) &(c) & (d) & (e) & (f)-See Orissa Gazette Extraordinary dated 11.10.1983.] shall notwithstanding anything contained in any law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.(9)The amalgamation on division of Societies shall not affect any rights or obligation of the Societies so amalgamated or divided or render defective any legal proceedings which might have been continued or commenced by or against the Societies which have been amalgamated or divided and accordingly such legal proceedings may be continued or commenced by or against the amalgamated Society or, as the case may be, the new Societies.
