16. Promoter to take steps for formation of Co-operative Society or Company.-

As soon as a minimum number of persons required to form a Co-operative Society or a company have taken Apartments, the promoter shall within the prescribed period submit an application to the Registrar for registration of the organization of persons who take the Apartments as a Co-operative Society, or as the case may be, as a company; and the promoter shall join, in respect of the Apartments which have not been taken, in such application for membership of a Co-operative Society or as the case may be, of a company.