Section 20 in Mizoram Cooperative Societies Act, 2006
20. Change of liability, transfer of assets and liabilities, amalgamation, division of co-operatives.
(1)A co-operative may, by a resolution passed by a two-thirds majority of members present and voting in its general body meeting, change the extent of its liability as provided under law, rules or bye-laws.(2)A co-operative may, by a resolution passed by a two-thirds majority of members present and voting in its general body meeting, decide to transfer its assets and liabilities, either in whole or in part to any other which agree to such transfer by the said resolution in its general body meeting in accordance with the provisions of law, rules or bye-laws.(3)A co-operative may, by a resolution passed by a two-thirds majority of members present and voting in its general body meeting divide itself into two or more co-operatives.(4)Any two or more co-operatives may, by a resolution passed by majority of members present and voting in their respective general body meetings decide to amalgamate themselves to form a new co-operative.(5)The resolutions referred under sub-section (1), (2), (3) and (4) shall contain all relevant particulars regarding the extent of liability, transfer of assets and liabilities division amalgamation of co-operatives, respectively, as the case may be.(6)Where a co-operative has passed a resolution under this section, it shall give notice thereof together with a copy of the resolution to all its members depositors, debtors and creditors with an advice either to express their consent in favour of the resolution or exercise the right of option to withdraw their shares deposits, loans or services within a period of thirty days from the date of service of notice.(7)The members, depositors debtors and creditors who or which failed to express their consent in favour of the above said resolution or exercise the righ1 of option within the stipulated thirty days period, shall be deemed to have been given their consent in favour of the said resolution.(8)A resolution passed by under this section shall not take effect until:(a)all the members, depositors, debtors and creditors have assented to or deemed to have been assented to the resolution referred under sub-section (6) or (7);(b)all claims of the members, depositors, debtors and creditors who have exercised the right of option referred under sub-section (6) or (7) have been fully met or otherwise satisfied;(c)in the case of change of liability the proposed amendment of bye- laws of concerned for the purpose have been either registered or deemed to have been registered;(d)in the case of division or amalgamation the certificate of registration of new co-operatives have been either issued or deemed to have been issued.(9)On receipt of an application for registration of news either by making division or amalgamation of existing co-operatives in accordance with the resolutions passed under sub-sections (3) or (4) as the case may be, the Registrar may register the new co-operative(s) or societies and the bye- laws thereof. The Registrar may also have power to refuse registration of new co-operative(s), for reasons to be recorded in writing for such refusal of registration of new co-operative(s).(10)Where a resolution passed by a co-operative under sub-section (2) takes effect, such resolution shall be a sufficient conveyance to vest all the assets and liabilities in the transferee co-operative without any further assurance.(11)The registration of a co-operative shall stand cancelled and the same co-operative shall be deemed to have been dissolved and shall cease to exist as a corporate body:(a)when the whole of assets and liabilities of such to-operatives are transferred to another co-operative or(b)when such divides itself into two or more co-operatives or(c)where two or more co-operatives are amalgamated into a new co-operative, the registration of the co-operatives so amalgamated shall stand cancelled or deemed to have been dissolved and also cease to exist as corporate bodies.
