Section 52: Amalgamation of societies.

(1) Two or more registered societies may, at a general meeting of each society specially called for the purpose, of which at least fourteen days notice shall be given to their respective members, pass a resolution (in this section referred to as "preliminary resolution") to amalgamate into one society.
(2) A copy of the preliminary resolution of each society shall be sent to all the members and creditors of the society.
(3)
A member of the society may, notwithstanding anything contained in the bye-laws of the society to the contrary, by notice given to the society of which he is a member within a period of two months from his receipt of the copy of the preliminary resolution, intimate his intention not to become a member of the new society.
(4) A creditor of the society may, notwithstanding an agreement to the contrary, by notice to the society of which he is a creditor within a period of two months from his receipt of the copy of the preliminary resolution, intimate his intention to demand payment of the amount due to him.
(5) After the expiry of two months from the receipt of the preliminary resolution by all members and creditors of all the societies, a joint meeting shall be held of the members of those societies, of which at least fourteen days notice shall be given to the members, for considering the preliminary resolution.
(6)
If, at a meeting held under subsection (5) of this section, the preliminary resolution is confirmed by a resolution passed by a majority of not less than two-thirds of the members present, either without changes or with such changes as in the opinion of the Director are not material, the new society and its bye-laws may be registered and on the registration, the registration of the old societies shall be deemed to have been cancelled.
(7)
The opinion of the Director as to whether the changes made under subsection (6) of this section in the preliminary resolution are material or not shall be final and no appeal shall lie therefrom.
(8) At the joint meeting referred to in subsection (5) of the section, provision shall be made by another resolution for-
(a) the repayment of the share capital of all the members who have given notice under subsection (3) of this section; and
(b) the satisfaction of the claim of all the creditors who have given notice under subsection (4) of this section, so however that no member or creditor shall be entitled to the repayment or satisfaction until the preliminary resolution is confirmed as provided in subsection (6) of this section.
(9) If, within such time as the Director considers reasonable, the share capital of the members referred to in subsection (8) of this section are not repaid, or the claims of the creditors referred to in that subsection are not satisfied, the Director may refuse to register the new society.
(10) The registration of the new society shall operate to vest in it all the assets and liabilities of the original societies.