Section 19 in The West Bengal Co-Operative Societies Act, 1983
19. Transfer of assets and liabilities, and division and amalgamation of co-operative societies. -
(1)Any co-operative society may, by a resolution passed by a majority of not less than two-thirds of the members thereof present and voting at a general or special general meeting,-(a)transfer, wholly or in part, its assets and liabilities to any other co-operative society, or(b)divide itself to form two or more new co-operative societies.(2)Any two or more co-operative societies may, by resolution passed by not less than two-thirds of the members present and voting at a general or special general meeting of each such co-operative society, amalgamate themselves and form a new co-operative society together with the assets and liabilities of the co-operative societies forming such new co-operative society.(3)A resolution passed under sub-section (1) or sub-section (2) shall contain all particulars relating to the registration, transfer of assets and liabilities, and division or amalgamation, as the case may be, of the concerned cooperative societies.(4)When a resolution has been passed under sub-section (1) or sub-section (2), the co-operative society or the co-operative societies concerned shall give notice thereof in writing to all its or their members and creditors, within thirty days from the date of the general or special general meeting, as the case may be, at which the resolution is passed and notwithstanding anything contained in any by-law or contract, any member of any such cooperative society shall have option to withdraw his share or deposit or any creditor of any such co-operative society shall have option to demand repayment of his loan by such co-operative society within one month from the date of service of such notice. Such resolution shall not take effect until all the claims of the members and the creditors of any such co-operative society who exercise option under this sub-section have been met in full:[Provided that no member, who is a debtor of a co-operative society or is a surety for any other member in respect of any loan granted by a cooperative society, shall exercise option to withdraw his share or deposit until the debt or the loan, in respect of which he is the debtor or surety, as the case may be, is repaid in full with interest accrued thereon.] [Proviso inserted by West Bengal Act 21 of 1990.](5)On receipt of an application for registration of a new co-operative society formed under sub-section (1) or sub-section (2), the Registrar shall satisfy himself that the resolution is effective under sub-section (4) and the application and the by-laws of the co-operative society are in accordance with the provisions of this Act and the rules, and shall, unless for reasons to be recorded in writing he thinks fit to refuse, register the new co-operative society and the by-laws under sub-section (1) of section 15 and issue a certificate under section 16.(6)After a new co-operative society formed by amalgamation of two or more co-operative societies or by division of a co-operative society has been registered, the registration of the co-operative societies which are amalgamated or the co-operative society which is divided shall stand cancelled and such co-operative societies shall be deemed to have been dissolved and shall cease to exist.[**********] [Sub-Section (7) omitted by West Bengal Act 21 of 1990.](8)Notwithstanding anything to the contrary contained in any other law for the time being in force,-(a)the registration of new co-operative societies formed by division of a co-operative society shall be a sufficient conveyance to vest the assets and liabilities of the co-operative society, which is divided, in such new co-operative societies in accordance with the resolution passed under sub-section (1)[, and a schedule of such assets and liabilities shall be prepared and such schedule shall form a part of the certificate under section 16;] [Words and figures inserted by West Bengal Act 21 of 1990.](b)when a resolution is passed by a co-operative society under subsection (2), the resolution shall, if accepted by the transferee society by a resolution passed by a majority of not less than two-thirds of the members present and voting at a general or special general meeting of such society, be a sufficient conveyance to vest the assets and liabilities of the transferor societies in the transferee society. Copies of such resolutions of the transferor societies and the transferee society shall be sent to the Registrar for record; and(c)the registration of a new co-operative society formed by amalgamation shall be a sufficient conveyance to vest the assets and liabilities of the co-operative societies, which are amalgamated, in the new co-operative society in accordance with the resolution passed under sub-section (2)[, and a schedule of such assets and liabilities shall be prepared and such schedule shall form a part of the certificate under section 16;] [Words and figures inserted by West Bengal Act 21 of 1990.]
