Societies which may be registered

A society, which has as its objects are promotion of the economic interest or general welfare of its members, or of the public, in accordance with cooperative principles, or a society established with the object of facilitating the operations of any such society, may be registered under this Act ; Provided that no society shall be registered if it is likely to be economically unsound, or the registration of which may have an adverse effect on development of the cooperative movement.