- A co-operative society, may, by amending its bye laws change the form or extent of the liability of the co-operative society.
- When the co-operative society has passed such a resolution, it must notify its members and creditors, who shall have the option of withdrawing their shares, deposits or loans, within one month of receiving the notice.
The change in liability of a co-operative housing society shall not be registered until-
- The assent of all its members and creditors has been obtained.
- The claims of all the members and creditors (as mentioned in sub-section 2) have been met in full in the time period specified.