(1) A person shall be eligible to become a member of a society, if he—
(a) is a major of age as on the date of admission;
(b) subscribes to the aims and objects of the society;
(c) has deposited the membership fee as specified in the bye-laws of the society; and
(d) is not an insolvent or of unsound mind or have not been convicted of an offence involving moral turpitude, punishable with imprisonment of one year or more.
(2) A partnership firm, whether registered or not, or a body corporate of whatever description, shall not be eligible to be a member of a society under sub-section (1).
(3) Nothing contained in sub-section (2) shall prevent a partner as defined in section 4 of the Indian Partnership Act, 1932 or, a member or shareholder of a body corporate, to become a member in his individual capacity.