law: Multi-State Cooperative Societies Act, 1984 
  14. Amalgamation or
  
  transfer of assets and liabilities or division of multi-State Cooperative
  
  Societies.- 
  
  1.     
  
    A
  
  multi-State cooperative society may, with the prior consultation of the Central
  
  Registrar and by a resolution passed by a majority of not less than two-thirds
  
  of the members present and voting at a general meeting of the society held for
  
  the purpose,-
  a.      transfer its assets
  
  and liabilities in whole or in part to any other multi-State cooperative
  
  society or cooperative society;
  b.     divide itself into
  
  two or more multi-State cooperative societies;
  c.      divide itself into
  
  two or more cooperative societies.
  1.     
  
  
  2.     
  
    Any
  
  two or more multi-State cooperative societies may, with the prior consultation
  
  of the Central Registrar and 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: Provided that in the case of a cooperative
  
  bank, the Central Registrar shall not accord approval to any such resolution
  
  without the previous sanction in writing of the Reserve Bank.
  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 contrary, any member or creditor, shall, during the period of
  
  one month of the date of service of the notice upon him, 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.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  5.     
  
  
  6.     
  
  
  a.      A resolution passed
  
  by a multi-State cooperative 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 creditor who exercise the option
  
  within the period specified in sub-section (4).
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  5.     
  
  
  6.     
  
  
  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, unless for reasons
  
  to be recorded in writing he thinks fit to refuse so to do, register the new
  
  societies or society, 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 17
  
  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 liabilities, 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.