Amendment status not verified — confirm the current text below against the official source.
(1) ON ACQUISITION (TF SHARES IN A COOPERATIVE (2) SOCIETY Provided that the number of members for the above purpose shali not in any case be less than 10 members competent to contract under section 11 of the Indian Contract Act,1872 and belonging to ten different families. The word limited shall be the last word in the name of every society registered under this Act. No society shall be registered under this Act in an area where there already exists another cooperative society with similar objectives: Provided that Registrar may allow registration of more than one cooperative societies in the same area of operation in case the need or necessity, demand for organization of such types of societies requires registration of more such types of societies in the same area of operation e g. transport cooperative, labour contract cooperative, trading cooperative, housing cooperative. However, in doing so proper justification must be obtained before allowing registration of such societies. No member of a registered society shall hold more than such portion of the share capital of the society as may be prescribed by the rules, or the bye-laws of the society. No member shall be allowed to acquire an additional share until he has paid in full the value of the whole of that portion of his share holding which he is required to pay in accordance with the bye-laws of the society IX of 1872 POWER OF T REGISTRAR TO DECIDE CERTAIN QUESTIONS All disputes regarding formation, registration or continuance of a society under this Act shall be decided by the Registrar. BYELAWS