Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the provision of section 24, no person 3113,11 be admitted as a member of a society except the following that is i to say— (a) an individual, who is competent to contract under the Indian Contract Act, 1872 ; (b) a firm, company or any other body corporate constituted under any law for the time being in force, or a society registered under the Societies Registration Act, 1860 ; (c) a society registered, or deemed to be registered under this Act ; (d) the State Government ; (e) a local authority ; (f) a public trust registered under any law for the time being in force for the registration of such trusts. Provided that, the provisions of clause (a) shall not apply to an individual seeking admission to a. society exclusively formed for the benefit of students of a school or college ; Provided further that, subject to such terms and conditions as may be laid down by the State Government by general or special order, a. firm or company may be admitted as a member only of a. society Which is a. federal or urban society or Which conducts or intends to conduct an industrial undertaking ; Provided also that any firm or company, Which is immediately before the commencement of this Act a. member of a society deemed to be registered under this Act, shall have, subject to the other provisions of this Act, the right to continue to be such member on and after such commencement. Explanation :——-For the purposes of this section, an ‘urban society’ means a society the business of which mainly falls within the limits of a municipal corporation, municipality eantonment or notified area committee. (2) Money-lenders, traders and other persons Whose interests conflict with the interest of the Co-operative Institution shall not be :wlmittcd ms member. (3) In the case of Agricultural Credit Co-operative Institutions, where a farm holding is in possession of a. Hindu Joint Family, only manager of such joint family and Where such holding is in the possession of Co-tenants, only one such Co-tenant shall be eligible for membership of such society and of a cultivating household only one adult member of the household shall be eligible for admission as member. (4) Where a person is refused admission as a member of a, society the decision (With the reason therefor) shall be communicated to that person Within fifteen days of the date of the decision, or Within three months from the date of receipt of the application for admission, whichever is earlier. Provided that Where no decision is communicated Within the specified period, it shall be deemed that the admission has been refused.