Change of liability.
Section 21
SEC. 21. Change of liability.—A co-operative may, subject to the provisions of this Act and to any regulations made in this behalf, change its liability by amending its articles of incorporation and by-laws, provided that:— The co-operative shall give notice, both by publication in a newspaper of general circulation and by posting in a conspicuous place in the locality where the co-operative has its principal office, of its intention to change its liability to all its members and creditors; Any member or creditor shall, notwithstanding any by-laws or contract to the contrary, have the option of withdrawing his interest in the co-operative within three months of the service of such notice on him and the change shall not take effect until all such claims have been satisfied ; and Any member or creditor, who does not exercise his option within the period aforesaid, shall be deemed to have assented to the change: Provided, That the change shall take effect at once if all the members and creditors assent thereto.