2.
| (1) Where, for the purpose of reorganizing the co-operative movement, the Registrar thinks it necessary to do so, he may by Order published in the Gazette amalgamate one or more societies (such a society is hereinafter referred to as an " amalgamating society ") registered under the Co-operative Societies Ordinance with any other society (hereinafter referred to as a u principal society ") registered under the aforesaid Ordinance. |
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| (2) An Order made under sub-section (1) shall have the effect of cancelling the registration of each amalgamating society- |
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| (3) With effect from the date on which any amalgamating society is amalgamated with a principal society under sub-section (1)
| | (a) all the property, movable or immovable, of each such amalgamating society on the day immediately preceding the date of such amalgamation shall be transferred to and vested in the principal society; | | |
| | (b) all the rights, debts, liabilities and obligations of each amalgamating society on the day immediately preceding the date of such amalgamation shall be transferred to the principal society; | | |
| | (c) all contracts, deeds, bonds, agreements and other instruments which subsist or have effect on the day immediately preceding the date of such amalgamation and to which any amalgamating society is a party shall have effect against or in favour of the principal society, as the case may be, and may be enforced as fully and effectually as if, instead of such amalgamating society, the principal society had been a party thereto; and | | |
| | (d) all suits, appeals or other legal proceedings instituted by or against any amalgamating society and pending on the day immediately preceding the date of such amalgamation shall not abate or be discontinued or be in any way prejudicially affected by reason of the amalgamation of such amalgamating society and may be continued and enforced by on against the principal society, as the case may be: | | |
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Sri Lanka Consolidated Acts