Amendment status not verified — confirm the current text below against the official source.
(1) Suject to the provisions of this Act and rules, a Co-operative society established with the object of social and economic betterment of its members in their common interest through self-help and mutual aid in accordance with the Co-operative principles and facilitating the operation of such Co-operative society including a Co- operative society formed by division of an existing Co-operative society or by amalgamation or reorganisanon of two or more Co-operative societies with the approval of their members may be iecistered under this with limited liability. (2) A Co-operative sop.: shall be registered with limited liability: Provided that a Co-operative society with unlimited liability functioning immediately before the commencement of this Act may continue to function as such or may convert itself into a Co-operative see ety with limited liability if the members of such Co- operative society want: Provided further that a Co-operative society registered under this Act stay, subject to the provision of this Act, by amendment of its by-laws change the form or the extent of its liability. (3) The word "Limited" shall be the last word in the name of a Co-operative society registered under this Act.