Section 12(4) in The Punjab Co-operative Societies Act, 1961
(4)An amendment of a bye-law of a co-operative society changing the form or extent of its liability shall not be registered or take effect until either -(a)the assent thereto of all members and creditors has been obtained; or(b)all claims of members and creditors who exercise the option, referred to in sub-section (2) within the period specified therein have been met in full.
