No person shall be admitted as a member of a society unless,—
(i) he has applied in writing in the form laid down by the society in its bye-laws for membership together with his photograph and nomination form;
(ii) his application is approved by the Board of Directors of the society;
(iii) he has paid the entrance fee and the amount of qualifying shares as laid down in the byelaws of the society for exercising the rights of membership;
(iv) he has fulfilled all other conditions laid down in the Act, the rules and the bye-laws;
(v) in case of a firm, company or body corporate, a society registered under the Societies Registration Act, 1860, or any other law for the time being in force, a society registered or deemed to be registered under the Act or any other Co-op. Societies Act, a public trust registered under any law for the time being in force relating to registration of public trusts, the application for membership is accompanied by a resolution authorising it to apply for such membership.