4. Societies which may be registered. -A society, which has as its objects the promotion of the economic interests or general welfare of its members, or of the public, in accordance will co-operative principles, or a society established with the object of facilitating the operations of any such society, may be registered under this Act; Provided that, no society shall be registered if it is likely to be economically unsound, or the registration of which may have an adverse effect on development of the co-operative movement, or the registration of which may be contrary to the policy directives which the State Government may, from time to time, issue.
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