(l) A multi state cooperative society may, by a resolution passed by a majority of not less than two-thirds of the members present and votes of members at a general meeting of the society held for the purpose of -
(a) transfer its assets and liabilities in whole or in part to any other multi state society or co-operative society;
(b) divide itself into two or more multi state cooperative societies
(c) divide itself into two or more co-operative societies.
(2) Any two or more multi state cooperative societies may, by a resolution passed by a majority of not less than two-thirds of the members present and voting at a general meeting of each such society, amalgamate themselves and form a new multi state cooperative society.
(3) The resolution of a multi state cooperative society under sub-section (1) or sub-section (2) shall contain all particulars of the transfer or division or amalgamation, as the case may be.
(4) When a multi state cooperative society has passed a resolution under sub¬section (1) or sub-section (2), it shall give notice thereof in writing to all the members and creditors, and, notwithstanding anything contained in the bye-laws or contract to the country, any member or creditor shall have the option of withdrawing his shares, deposits or loans, as the case may be.
(5) Any member or creditor who does not exercise his option within the period specified in sub-section (4) shall be deemed to have assented to the proposals contained in the resolution.
(6) (a) A resolution passed by a multi state society under this section shall not take effect until the assent thereto of all the members and creditors has been obtained.
(b) The multi state cooperative society shall make arrangements for meeting in full or otherwise satisfying all claims of the members and creditors who exercise the option within the period specified in sub-section (4).
(7) On receipt of an application for the registration of new societies formed by division in accordance with the resolution passed under sub section (1) or of a new society formed by amalgamation in accordance with the resolution passed under sub-section (2), the Central Registrar, on being satisfied that the resolution has become effective under sub-section (6) shall register the new society or societies, as the case may be, and the bye-laws thereof.
(8) On the issue of an order under sub-section (7), the provisions of section 21 shall, so far as may be, apply to the multi state cooperative society so divided or the multi state cooperative societies so amalgamated.
(9) Where a resolution passed by a multi state cooperative society under this section involves the transfer of any assets and legislation of multi state cooperative society, the resolution shall, notwithstanding anything contained in any other law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.