Societies which may be registered

<span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>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.<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><b><i>Explanation-</i></b> Co-operative principles shall include-<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>(a)</i> 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 ;<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>(b)</i> regulation and restriction on profit motive ;<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>(c)</i> promotion of thrift, mutual aid and self-help ;<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>(d)</i> voluntary membership ; and<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>(e)</i> democratic constitution of the society.<br><br>