General effect of merger.
(1) Notwithstanding anything in the Co-operative
Societies Act, or the rules made thereunder or the bye-laws
of the transferor societies for the time being in force, with
effect on and from the specified day-
(i) the transferor societies shall stand merged with the
transferee society;
(ii) the assets and liabilities of every description of the
transferor societies shall stand transferred to the
1Telangana
State Handloom Weavers Co-operative Society Limited:
Provided that no such transfer shall prejudicially affect
or render ineffective any suit, appeal or legal proceedings of
whatever nature pending by or against the transferor
societies, but such suit, appeal or legal proceedings may be
continued, prosecuted and enforced by or against the
transferee society;
Provided further that the liabilities of the transferor
societies shall continue to be governed by such guarantee
of the Government as substituted with regard to them on the
specified day, as if such guarantee were given in respect of
the liabilities so transferred, immediately after the specified
day;
(iii) the Government, the primary and other
Co-operative Societies, and others who are members of, or
affiliated to the transferor societies shall be deemed to be
the members of, or affiliated to the transferee society;
(iv) all contracts, deeds, bonds, agreements and
other instruments of whatever nature subsisting and relating
to the assets and liabilities transferred to the transferee
society from the transferor societies which have been parties thereto, shall have full force in favour of or against the
transferee society, and may be enforced as if the said
transferee society has been a party thereto.
(2) The Government or any officer authorized by them
in this behalf may amend the bye-laws of the transferee
society so as to give effect to the merger and for any other
matters incidental thereto.
(3) The Government may, by notification make such
supplemental, incidental and consequential provisions
(including the provisions as to committees, authorities,
properties, right and interest liabilities, duties and
obligations of the transferor societies or transferee society)
as they may deem necessary to give effect to the provisions
of this Act.
1. Substituted by G.O.Ms.No.45, Law (F) Department, dated 01.06.2016.