Amendment status not verified — confirm the current text below against the official source.
(1) The final registration of a co-operative society shall render it a body corporate by the name under which it is registered, having perpetual succession and a common seal with power to hold property, enter into contracts, institute and defend suits and other legal proceedings and to do all things necessary for the purpose for which it was constituted. (2) Notwithstanding anything contained in sub-section (1), no person being a member of a co-operative society shall by reason only of such membership acquire or hold property if such person is under any law for the time being in force, ineligible for acquiring or holding property in the State.