Contracts carried out anywhere between private individuals and you may cooperatives ahead of the membership of your own cooperative should remain legitimate and you will binding between your parties and you may up on registration of the collaborative
“Art. 20. Section off Cooperatives. Any inserted collaborative can get, of the an answer approved by a vote regarding about three-fourths (3/4) of all of the professionals which have voting legal rights, present and constituting a quorum, take care of so you’re able to split by itself with the a couple of (2) or higher cooperatives. The method to possess including section will likely be given on the laws of Authority: Provided, That all the requirements set forth inside Code was in fact complied which have from the the fresh cooperatives: Offered, next, One no division out of a good collaborative during the scam away from creditors should feel valid.
“Artwork. 21. Merger and you can Combination regarding Cooperatives. (1) A couple (2) or higher cooperatives will get blend for the a single cooperative hence should be either among the constituent cooperatives or perhaps the consolidated cooperative.
“(2) No merger or combination are valid until approved by good three-fourths (3/4) vote of all members with voting legal rights, introduce and you will constituting an excellent quorum of each and every of one’s component cooperatives at independent general set up conferences. This new dissenting users shall feel the right to take action its proper to help you withdraw the membership pursuant to help you Post 31.
“(3) Brand new Authority should question the principles governing the whole process of merger or integration away from cooperatives. Whatever the case, this Carmel escort new merger otherwise combination of cooperatives. In any case, the latest merger otherwise consolidation might be active abreast of the latest issuance out-of this new certification of merger or consolidation by Expert.
A proper written package are going to be then followed making on the cooperative’s identity otherwise towards the its account in advance of their membership
“(1) The latest constituent cooperatives shall end up being one collaborative and this, in case there are merger, are this new enduring collaborative, and, in case of consolidation, are going to be the fresh consolidated collaborative;
“(3) Brand new thriving or even the consolidated cooperative will possess al the newest property, rights, rights, immunities and you will companies each and every of your own constituent cooperatives;
“(4) The fresh surviving or even the consolidated cooperative should have most of the assets, legal rights, benefits, immunities and franchises of every of one’s component cooperatives; and you will
“(5) The fresh new thriving or even the consolidated collaborative would be accountable for all of the new debts and you can obligations of each and every of constituent cooperatives from inside the a comparable trend as if like thriving otherwise consolidated cooperative got alone incurred particularly obligations or loans. One allege, step otherwise proceeding pending by the or facing these constituent cooperatives may be prosecuted by otherwise up against the enduring or consolidated cooperative, as the case tends to be. None new liberties regarding financial institutions neither one lien upon the house or property of any eg component cooperatives will be dysfunctional of the like merger otherwise combination.
“Art. 23. Sorts of and you will Kinds of Cooperatives. (1) Type of Cooperatives Cooperatives can get fall into any of the pursuing the types:
“(a) Borrowing from the bank Collaborative is just one you to definitely produces and you can undertakes savings and you will financing characteristics certainly their players. It generates a common pond out of financing so you’re able to provide financial help in order to its participants to possess productive and you will provident objectives;
“(b) Users Collaborative is amongst the top reason for that’s to procure and spread commodities so you can members and you will low-members;
“(c) Companies Collaborative is the one you to definitely undertakes shared development if farming otherwise industrial. It’s formed and you can run of the its users to carry out the creation and you will handling regarding raw materials or services and products developed by the players to the completed or canned circumstances available by the collaborative so you can their members and non-members. People avoid product or its derivative due to the brand new garbage produced by its professionals, available in the name and also for the membership of the cooperative, would be deemed a product or service of the collaborative as well as professionals;