Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the by-laws, the following persons shall be eligible for membership of a Co-operative society:— (a) an individual competent to contract under section II of the Indian Contract Act, 1872 and a permanent resident of India; (b) any other Co-operative society; (c) the State Government; (d) a self-help group; (e) any financing bank: Provided that a student who has not attained the age of majority according to the law shall be eligible for membership of Co-operative society formed in an education institution to which he belongs. (2) An employee of the Co-operative society who is eligible under sub-section (1) to be its member shall on an application made by him be admitted as a member of such Co-operative society but shall have no right to vote at an election of or for being elected as a director of the board or delegate to any other Co-operative society: Provided that an employee member of an engineers, labour, industrial, service, transport and the like Co-operative societies shall have right to vote at an election of or for being elected as a director of the board or delegate to any other Co-operative society. (3) Notwithstanding anything to the contrary contained elsewhere in this Act, a Co-operative society may admit [an application] any person, any association or body of persons (whether incorporated or not) as a nominal member who shall not be entitled to any share in any form in the assets or profit of the Co-operative society and shall not be eligible to be elected as director of the board and shall have no right to attend the general meeting of the Co-operative society but shall have such right and privilege and shall be subject to such liabilities of a member as may be specified in the by-laws. (4) Notwithstanding anything to the contrary contained elsewhere in this Act, a Co-operative society may admit the joint members and may issue a single share in their joint names. Such members shall, except in such cases as may be prescribed, ordinarily enjoy privilege jointly, but voting right shall be exercised by the first named member and in his/her absence by the other member. (5) Notwithstanding anything contained in sub-section (1), no Central Co-operative society shall have right to admit individuals to its membership otherwise than as nominal members in terms of sub-section (3) and the existing individual members shall be deemed to be nominal members for the purpose of this Act: Provided that the existing individual members of a Central Co-operative society shall have right to withdraw, after serving three months notice on the Co-operative society concerned, the share capital contributed by such members within one month from the date of acceptance of such withdrawal and the concerned Co-operative society shall refund the same to such members after deduction of the debts, if any, due to the concerned Co-operative society from such members.