Amendment status not verified — confirm the current text below against the official source.
" ................................................... - - . - - ..........................i Societies which may be registered.—Subject to the provisions hereinafter contained a society which has as its chief object the promotion of the economic interests and general welfare of its members in accordance with co-operative; principles, or a society established with the object of facilitating the operations; pf such a society including a society formed by the division of an existing registered society or amalgamation of existing two or more societies, may be registered under this Act with or without limited liability : Provided that unless the [State]1 Government by general pr special order otherwise directs:— (1) The liability of a society of which a member is a registered society; shall be limited. (2) The liability of a society of which the primary object is the creation of funds to be lent to its members, and of which the majority of the members are agriculturists or artisans, and of which no member is a registered society, shall 'Substituted by the A.O., 1950 for “Provincial”. I Substituted by the A.O., 1950 for “Province”. be unlimited and the members of such a society shall on its liquidation, be jointly and severally liable for and in respect of, all obligations of such a society : Provided further that no society shall be registered if in the opinion of the •Registrar, its declared objects are unlikely to be achieved or if it is economically 'unsound or if it may have an adverse effect upon any registered society or the co-operative movement as a whole.