Section 15(3)(b) in The Assam Co-operative Societies Act, 1949

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State of Assam - Subsection

Section 15(3)(b) in The Assam Co-operative Societies Act, 1949

(b)A scheme referred to in sub-section (3)(a) in respect of division, amalgamation or merger may provide for all or any of the following matters, namely :

(i)The transfer of the business, properties movable or immovable, assets including cash balance and reserve fund, rights privileges, liabilities debts and obligations of the transferor society or societies to the Transferee society or societies on such terms and conditions as may be specified in the said scheme;

(ii)The reduction of interest or rights which the members, depositors and other creditors have in or against the transferor society or societies before division amalgamation or merger to such extent as the Registrar considers necessary in the public interest or in the interest of the members depositors and other creditors for the maintenance of the business of such society or societies having due regard to the assets and liabilities of the transferor society or societies;

(iii)The payment in cash or otherwise to the depositors and other creditors in full satisfaction of their claims-

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State of Assam - Subsection

Section 15(3)(b) in The Assam Co-operative Societies Act, 1949