Provided that the bye-laws of a co-operative society may prescribe a higher minimum age.

Conditions of registration

1. (1) No co-operative society, other than a co-operative society of which a member is a registered co-operative society shall be registered under this Act which does not consist of at least fifteen eligible persons and in cases where the primary objects of the co-operative society includes the raising of funds to be lent to its members, and where all the applicants are individuals, the applicants shall reside or own immovable property in the same town, village or group of villages or belong to the same class or pursue the same occupation.
2. (2) The word “limited” shall be the last word in the name of every co-operative society with limited liability registered under this Act.