4. Societies which
may be registered.- Subject to the provisions hereinafter
contained, a society which has as its object the promotion
of the economic interests 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 with or without limited liability:
Provided that unless the State Government by general or special
order otherwise directs-
(1) the liability of a society of which a member is a registered
society shall be limited;
(2) the liability of a society of which the object is the
creation of funds to be lent to its members, and of which
the majority of the members are agriculturists, and of which
no member is a registered society, shall be unlimited.
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