Section 15
Section 15 of DCS Act 2003. Subject to the provisions of this Act and the rules, a co-operative society may, by an amendment of its bye-laws change the form or extent of its liability.
(1) Subject to the provisions of this Act and the rules, a co-operative society may, by an amendment of its bye-laws change the form or extent of its liability.
(2) When a co-operative society has passed a resolution to change the form or extent of its liability, it shall give notice thereof in writing to all its members and creditors and, notwithstanding any bye-laws or contract to the contrary, any member or creditor shall, during a period of thirty days from the date of service of the notice upon him, have the option of withdrawing his shares, deposits or loans, as the case may be.
(3) Any member or creditor who does not exercise his option within the period specified in sub-section (2) shall be deemed to have assented to the change.
(4) An amendment of a bye-laws of a co-operative society changing the form or extent of its liability shall not be registered or take effect until either - (a) the assent thereto of all members and creditors has been obtained; or (b) all claims of members and creditors who exercise the option referred to in sub-section (2) within the period specified therein have been met in full. Amalgamation, transfer of assets and liabilities and division of co-operative societies.
Section 15, DCS Act 2003 (Act 149 of 2005).
Questions about Section 15
How do I find court cases under Section 15 of the DCS Act 2003?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: DCS Act 2003 15, section 15 DCS Act 2003, section 15 of the DCS Act 2003. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
When was the DCS Act 2003 enacted?
DCS Act 2003 was enacted in 2005 as Act 149 of 2005. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Read from the Government's own scanned gazette with Azure Document Intelligence, then split into sections by their numbering. India Code publishes no text for this Act. The scan itself is mirrored into our own storage and served at /scan/4c99366d-b957-4634-8735-6142d42775da.pdf, so the reading here can be checked against the page it came from without depending on India Code's own copy staying where it is (it was at https://indiacode.gov.in/server/api/core/bitstreams/7166f74d-c446-46c6-8fc8-31f498cb3330/content). This page is not a substitute for legal advice.