Section 12 in Uttarakhand Self Reliant Co-Operatives Act, 2003
12. Amalgamation.
(1)Any two or more co-operatives may, by special resolutions, decided to amalgamate themselves and form a new co-operative.(2)where special resolutions are passed under sub-section (1), each co-operative shall, within the following 15 days, give notice thereof together with a copy of the resolution passed by it to all its members and creditors, and notwithstanding any provision of the articles of association or contract to the contrary, any member other than on who voted in favour of the proposed amalgamation, or creditor shall, during a period of fifteen days from the date of service of the notice upon him/her, have the option of withdrawing from the co-operative, his/her interests, subject to the discharge of his/her obligations to the co-operative.(3)Any member or creditor who does not exercise his/her option within the period specified in sub-section (2) shall be deemed to have assented to the resolution.(4)The special resolution passed under sub-section (1) shall not take effect until-(a)all claims of the members and creditors of each co-operative who have exercised the option under sub-section (2) have been met in full of other wise satisfied;(b)information of the impending amalgamation and settlement of claims of members and creditors is sent to the Registrar and the Registrar's acknowledgement of receipt of the information is obtained; and(c)the certificate of registration and a copy of the Memorandum and articles of association of the resultant co-operative, signed and sealed by the Registrar, are issued in accordance with section 3.(5)When two or more co-operatives amalgamate themselves into a new cooperative under this section, the registration of the co-operatives so amalgamated shall stand cancelled and they shall be deemed to have been dissolved and shall cease to exist as body corporates, and the Registrar shall delete the names of the co-operatives from the register of co-operatives.(6)When two or more co-operatives amalgamate themselves into a new cooperative under this section, all the members of the co-operatives who have assented or are deemed to have assented to the amalgamation shall be deemed to have been become members of the new co-operative.(7)When special resolutions passed under sub-section (1) take effect, the resolutions shall be sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.
