Amendment status not verified — confirm the current text below against the official source.
Subject to the provisions of this Act, a society which has as its object the promotion of the economic interest of its members in accordance with co-operative principles or a society established with the object of facilitating the operations of such a society may be registered under this Act. Explanation- Co-operative principles shall include- (a) advancement of economic interest of the members in accordance with public morals, decency and the relevant directive principles of State Policy enunciated in the Constitution of India ; (b) regulation and restriction on profit motive ; (c) promotion of thrift, mutual aid and self-help ; (d) voluntary membership ; and (e) democratic constitution of the society.