TMI BlogAmalgamation, merger or division, etc., to form new Producer Companies.X X X X Extracts X X X X X X X X Extracts X X X X ..... solution passed at any general or special meetings of its Members, decide to ___ (a) amalgamate and form a new Producer Company; or (b) merge one Producer Company (hereafter referred to as "merging company") with another Producer Company (hereafter referred to as "merged company"). (3) Every resolution of a Producer Company under this section shall be passed at its general meeting by a majority of total Members with right of vote not less than two-thirds of its Members present and voting and such resolution shall contain all particulars of the transfer of assets and liabilities, or division, amalgamation, or merger, as the case may be. (4) Before passing a resolution under this section, the Producer Company shall give n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d) termination, setting aside or modification of any agreement, howsoever arrived between the company on the one hand and the directors, secretaries and manager on the other hand, apart from such terms and conditions as may, in the opinion of the majority of shareholders, be just and equitable in the circumstances of the case; (e) termination, setting aside or modification of any agreement between the Producer Company and any person not referred to in clause (d): Provided that no such agreement shall be terminated, set aside or modified except after giving due notice to the party concerned: Provided further that no such agreement shall be modified except after obtaining the consent of the party concerned; (f) the set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the period specified in sub-section (4), not to continue as the Member or creditor, as the case may be. (11) Where the whole of the assets and liabilities of a Producer Company are transferred to another Producer Company in accordance with the provisions of sub-section (9), or where there is merger under sub-section (2), the registration of the first-mentioned Company or the merging company, as the case may be, shall stand cancelled and that Company shall be deemed to have been dissolved and shall cease to exist forthwith as a corporate body. (12) Where two or more Producer Companies are amalgamated into a new Producer Company in accordance with the provisions of sub-section (2) and the Producer Company so formed is duly registered b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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