Persons who may become members.

(1) No person shall be admitted as member of a co-operative society except the following, namely - (a) an individual competent to contract under section 11 of the Indian Contract Act, 1872 (9 of 1872); (b) any other co-operative society; (c) the Government; (d) a firm, a joint stock company, or any other body corporate constituted under any law; and (e) such class or classes of persons or association of persons as may be notified by the Government in this behalf : Provided that the provisions of clause (a) shall not apply to an individual seeking admission to a co-operative society exclusively formed for the benefit of students of a school or college : Provided further that no individual shall be eligible for admission as a member of any financing bank or federal co-operative society except as provided in clause (m) of section 2. (2) Notwithstanding anything contained in sub-section (1), the Government may, having regard to the fact that the interest of any person or class of persons conflicts or is likely to conflict with the objects of any co-operative society or class of co-operative societies by general or special order, published in the official Gazette, declare that any person or class of persons engaged in or carrying on any profession, business or employment shall be disqualified from being admitted, or for continuing as member or shall be eligible for membership only to a limited extent of any specified co-operative society or class of co-operative societies, so long as such person is or such persons are engaged in or carrying on that profession, business or employment, as the case may be.