Co-operative Societies Act 1979 · 2020 Revised Edition · Part 7 · Amalgamation and Transfer
75. Transfer of societies
Feedback & supportA society may at any extraordinary general meeting specially called for the purpose after due notice, resolve to transfer its assets and liabilities to another society which is prepared to accept them (called in this Act the receiving society).
society
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;
The resolution to transfer the assets and liabilities to a receiving society has to be passed at the extraordinary general meeting of the transferring society by not less than 75% of the members present and voting.
Wherever the transfer of assets and liabilities involves the transfer of liabilities by the transferring society to the receiving society, 3 months’ notice of the transfer must be given to all creditors of the transferring society.
Creditors of the transferring society are entitled to a refund of any sum due to them if they make a written demand to this effect at least one month before the date fixed for the transfer.
A member of the transferring society may, despite any by-law to the contrary, by written notice given to the member’s society at least one month before the date specified as the date of transfer declare the member’s intention not to become a member of the receiving society.
member
“member” includes an individual person or institution qualifying for membership in a co-operative society, who or which join in the application for the registration of a society, and an individual person or institution admitted to membership after registration in accordance with this Act, the Rules and the by-laws;
Where the Registrar is satisfied that —
Registrar
“Registrar” means the Registrar of Co‑operative Societies appointed under section 3(1), and includes a Deputy Registrar, an Assistant Registrar, or a public officer appointed under section 3(1), exercising such function, duty or power of the Registrar as is delegated to the Deputy Registrar, Assistant Registrar or public officer (as the case may be) under section 3(2);
the proposed transfer is not against the interests of members of the transferring society; and
all requirements laid down in subsections (1), (2) and (3) are complied with,the Registrar may approve the transfer, upon which —
the registration of the transferring society is cancelled and the transferring society is dissolved;
the approved resolution in accordance with subsection (2) is a sufficient conveyance to vest the assets and liabilities of the transferring society in the receiving society;
the remaining members of the transferring society become members of the receiving society, subject to its by‑laws; and
the creditors of the transferring society or any other person, who have claims against the transferring society and whose claims were not satisfied before the approval of transfer by the Registrar, may pursue their claims or course of action against the receiving society.