Provided that where a Society was earlier registered under the Andhra Pradesh Co-operative Societies Act, 1964, such registration shall stand cancelled once a certificate of registration under this section is issued.

Society to be a body corporate -(1) A Co-operative Society registered under this Act shall be a body corporate by the name under which it is registered having perpetual succession and a common seal. The Co-operative Society shall be entitled to acquire, hold and dispose of property, to enter into contracts, to sue and be sued and to do all other things necessary to achieve its objectives.

1. (2) All transactions entered into in good faith prior to registration, in furtherance of the objectives of the Cooperative Society, shall be deemed to be transactions of the Co-operative Society after its registration.