Section 12(5) in The Karnataka Souharda Sahakari Act, 1997
(5)No resolution of a Co-operative to change liability or for transfer of assets and liabilities, division and amalgamation shall be passed unless,-(a)in case of change of liability or transfer of assets and liabilities,-(i)the members, union Co-operative, Federal Co-operative and creditors have consented or are deemed to have consented to the resolution under subsection (3) or sub-section (4), as the case may be; or(ii)all claims of the members, union Co-operatives, Federal Co-operative and creditors who have exercised the option referred to under subsection (3) within the period specified therein, have been met in full or otherwise satisfied; and(b)amendment of the bye-laws of Co-operative concerned is registered; and(c)in the case of division or amalgamation, certificate of registration of the Co-operative or Co-operatives is issued.
