No person shall be admitted as a member of a co-operative society except the following, namely:-
(a) an individual competent to contract under section II of the Indian Contract Act, 1872; 9 of 1872.
(b) any other co-operative society;
(c) the Government ; and
(d) such class or classes of persons or associations of persons as may be notified by the Chief Commissioner in this behalf.
(2) Notwithstanding anything contained in sub-section (1); the Chief Commissioner may, having regard to the fact that the interest of any person or class of person conflicts or is likely to conflict with the objects of any society or class of societies, by general or special order, published in the Official Gazette, declare that any person or class of persons engaged in or carrying on any profession, business or employment shall be disqualified from being admitted, or for continuing, as members or shall be eligible for membership only to a limited extent of any specified society or class of societies, so long as such persons is or are engaged in or carrying on that profession business or employment, as the case may be.