State Act
Section 5. Change of liability.
THE PUDUCHERRY CO-OPERATIVE SOCIETIES ACT, 1972
5. Change of liability.- (1) Subject to the provisos to sub-section (1) of section 4 and to any rules made in this behalf, a registered society may, by an amendment of its by-laws, change its liability from unlimited to limited: Provided that - (i) the society shall give notice in writing of its intention to change its liability to all its members and creditors; (ii) any member or creditor shall, notwithstanding any by-law or contract to the contrary, have the option of withdrawing his shares, deposits or loans, as the case may be within two months of the service of such notice on him; and (iii) any member or creditor who does not exercise his option within the period aforesaid, shall be deemed to have assented to the change.