(1) No credit cooperative society with unlimited liability shall be steered after the commencement of this Act Provided that where a multi state society with unlimited liability was functioning before the commencement of this Act, such a society shall execution of orders of liquidators of a multi state cooperative society the option within a period of one year from such commencement either to continue to function as such or to convert itself into a multi state cooperative society with limited liability by following the procedure specified in sub-sections (2) to (4). (2) Subject to the provisions of this Act and the rules, a cooperative society may, by an amendment of its bye-laws, change the extent of ability. (3) When a multi state cooperative society has passed a resolution to the extent of its liability, it shall give notice there of in writing to all its beers and creditors, and notwithstanding anything contained in the bye or contract to the contrary, any member or creditor shall, during the one month from the date of service of the notice upon him, have the on of withdrawing his shares, deposits or loans, as the case may be Any member or creditor who does not exercise his option within the  specified in sub-section (3) shall be deemed to have assented . (3) An amendment of a bye-law of a multi state society giving the extent of its liability shall not be registered or shall not take. Recorded on the balance sheet (right side), liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses. liabilities are a vital aspect of a company's operations because they are used to finance operations and pay for large expansions. They can also make transactions between businesses more efficient. For example, the outstanding money that a company owes to its suppliers would be considered a liability. Take the time to look at your monthly Visa statement, and let your financial institution know if anything appears incorrect so swift action to regain control of your account and to resolve the situation for you can occur. The Directive provides also for some exceptions to its application (force majored, acts of war, certain international Conventions) and operator defenses (third party intervention, compulsory order, as well as permit defense and/or state of the art defense if a Member state decided to incorporate these optional defenses). It execution of decisions made for a multi state cooperative society only when a causal link between the activity of the operator and the damage (imminent threat) can be established and does not apply to damage occurred in cooperative society.