Section 18 in The Tripura Co-operative Societies Rules, 1976
18. Reconstruction of a society.
(1)An application for reconstruction of a society under Section 19 may be made in Form 'H'. On receipt of such application, the Registrar may, taking into consideration the compromise or arrangement for reconstruction of the society, if he thinks fit, prepare a draft order indicating-(i)the manner in which the amounts payable by the society to its creditors should be paid not the amounts recoverable from its debtor members should be recovered.(ii)the manner in which the share capital, if any, of such members should be reduced.(iii)the manner in which the scheme of reconstruction should be implemented, and(iv)the manner in which the bye-laws of the society will stand amended in order to give effect to the scheme of reconstruction.A copy of the draft order shall be exhibited on the notice board of the society and a copy thereof shall be exhibited on the notice board of the Registrar's office inviting objections and suggestions from all those interested within a specified lime which shall not exceed one month.(2)After taking into consideration the objections and suggestions (if any) received, the Registrar may issue an order approving such reconstruction or staying further proceedings in respect of such reconstruction. On issue of an order approving the reconstruction, the society shall stand reconstructed and the bye-laws of the society shall be modified to that effect and to that extent.
