Section 16
Section 16 of DCS Act 2003. A co-operative society may, by a resolution passed by a two-thirds majority of the members present and voting at a general body meeting of the co-operative society - (a) transfer its assets and liabilities in whole or in part to any other co-operative society;
(1) A co-operative society may, by a resolution passed by a two-thirds majority of the members present and voting at a general body meeting of the co-operative society - (a) transfer its assets and liabilities in whole or in part to any other co-operative society;
(b) divide itself into two or more co-operative societies; (c ) approve a scheme of compromise or arrangement or reconstruction. (Inserted vide Notification No. F.14(31)/LA-2004/16 dated 17/01/2005) (2) Any two or more co-operative societies may, by a resolution passed by a two-thirds majority of the members present and voting at a general body meeting of each such co-operative society, amalgamate themselves and form a new co-operative society.
(3) The resolution of a co-operative society under sub-section (1) or sub-section (2) shall contain all particulars of the transfer, division or amalgamation or scheme of compromise or arrangement or reconstruction,( Substituted vide Notification No. F.14(31)/LA-2004/16 dated 17/01/2005) as the case may be :
Provided that in the case of a co-operative bank, the Registrar shall not accord approval to any such resolution without the previous sanction in writing of the Reserve Bank.
(4) When a co-operative society has passed any such resolution, 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 the period of thirty days 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.
(6) A resolution passed by a co-operative society under this section shall not take effect until, either - (a) the assent thereto of all the members and creditors has been obtained;
(b) all claims of members and creditors who exercise the option referred to in sub-section (4) within the period specified therein have been met in full.
(7) Where a resolution passed by a co-operative society under this section involves the transfer of any assets and liabilities, the resolution shall, notwithstanding anything contained in any law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance. Power to direct amalga-mation, division and re-organisation in public interest, etc.
Section 16, DCS Act 2003 (Act 149 of 2005).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 16
How do I find court cases under Section 16 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 16, section 16 DCS Act 2003, section 16 of the DCS Act 2003. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 16 of the DCS Act 2003, and has it changed?
3 other provisions in this corpus refer back to it.
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.