Society which may be registered

(1) A society which has, as its main object, the promotion of the economic interests of its members in accordance with the co-operative principles, as may be prescribed or a society established with the object of facilitating the operation of such a society, may be registered under this Act. (2) Every society registered or deemed to be registered under this Act shall function subject to such directions as may be issued by the Registrar, from time to time, in the interests of the co-operative movement or the public interest or in order to prevent the affairs of the society from being conducted in a manner detrimental to the interests of the members or of the depositors or creditors thereof, and the society shall comply with such directions.