Registration with limited or unlimited liability

(1) A society may be registered with limited or unlimited liability, but the liability of a society of which any member is a society shall be limited: Provided that where a financing bank becomes a member of a society with unlimited liability, the liability of that society may continue to be unlimited. (2) The liability of the Government, a financing bank or a federal society having shares in a society, whether with limited or unlimited liability shall be limited to the share capital subscribed by the Government, such financing bank or federal society, as the case may be. (3) The name of every society shall contain the expression “Co-operative” or its equivalent in any Indian language and in the case of every society with limited liability, the name of the society shall also have its suffix the expression “Limited” or its equivalent in any Indian language.