Section 4 — Societies which may be registered

Subject to the provisions of this Act, a society which has as its object the promotion of the economic interest of its members in accordance with co-operative principles or a society established with the object of facilitating the operations of such a society may be registered under this Act.

Explanation- Co-operative principles shall include-

(a) advancement of economic interest of the members in accordance with public morals, decency and the relevant directive principles of State Policy enunciated in the Constitution of India ;

(b) regulation and restriction on profit motive ;

(c) promotion of thrift, mutual aid and self-help ;

(d) voluntary membership ; and

(e) democratic constitution of the society.