Self-supporting co-operative society to be a body corporate

(1) The self-supporting co-operative society shall be a body corporate by the name under which it is registered having perpetual succession and a common seal and shall be entitled to acquire, hold and dispose of property, to enter into contracts on its behalf, to institute, conduct and defend suits and other legal proceedings and to take all such steps as are necessary to achieve its objectives.

(2) All transactions entered into in good faith, in furtherance of the purposes of the self-supporting co-operative society prior to its registration, shall be deemed to be the transactions of the self-supporting co-operative society after registration ; provided a resolution to that effect is passed in the first meeting of the Board of such society after its registration.

(3) A self-supporting co-operative society registered with limited liability shall have the word 'Limited' as suffix to its name.