Amalgamation
Amalgamation is process of merging both Societies for benefit of both Societies. Considering peculiar situation, it is considered as viable option for joint redevelopment of the both societies by amalgamating and constructing a single structure thereon for following benefits:-
- Good Building planning
- Better Elevation and exploiting maximum benefits
- Parking space benefits.
- Area benefits, open space etc.
- Extra Amenities etc.
Members right after amalgamation:
- The amalgamated members will be at par with members of the other Society. Therefore, there is no loss in terms of membership right as well as title to the land.
- The both plots will get merged in the name of single society.
- The Surviving society’s registration will continue and merging society’s registration will get cancelled.
Brief Procedure for amalgamation:- - Convey Special General Body Meeting : Both Societies shall convey special general body meeting of their respective members to discuss the amalgamation point and take approval for further procedure.
- File an application: The society is required to send an application to the Registrar with full details of the intention/ decision to amalgamate to another society.
- Registrar approval: The Registrar gives permission to members, shareholders, creditors and any other person who may have an objection to such a decision and may be affected by it. They may ask for additional information or particulars from the cooperative society, and after a thorough examination, gives his approval.
- Special General Meeting: The society has to convene a Special General Meeting by giving a 15-day notice to its members & creditors. The resolution to amalgamate can only be passed if there is a two-thirds majority vote by the members.
- Resolution and statements: The resolution should contain a detailed purpose of why the society intends to amalgamate along with proposed plan or scheme demonstrating how such a transformation is in the interest of the society.
- Society’s Report: The society is required to submit a report to the registrar recounting the actions it has taken with regards to clearing dues and objections and request a decision for amalgamation. The new or amalgamated society has to be registered and the existing registration has to be
- Registration approval: After inspecting the society’s report, the Registrar if thoroughly satisfied with the proceedings, will register the amalgamated and cancel the registration that was filed for the society previously
