(1) No person shall be admitted as a member of a multiState co-operative society except the following, namely:--
(a) an individual, competent to contract under section 11 of the Indian Contract Act, 1872 (9 of 1872);
(b) any multi-State co-operative society or any co-operative society;
(c) the Central Government;
(d) a State Government;
(e) the National Co-operative Development Corporation established under the National Cooperative Development Corporation Act, 1962 (26 of 1962);
(f) any other corporation owned or controlled by the Government;
(g) any Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956);
(h) such class or classes or persons or association of persons as may be permitted by the Central Registrar having regard to the nature and activities of a multi-State co-operative society.
(2) No individual person shall be eligible for admission as a member of a national co-operative society or a federal co-operative.
(3) Any person eligible for membership of a multi-State co-operative society may, on his application, be admitted as a member by such society.
(4) Every application for admission as a member of a multi-State co-operative society shall be disposed of by such society within a period of four months from the date of receipt of the application, and the decision of such society on the application shall be communicated to the applicant within fifteen days from the date of such decision:
Provided that if the application is not disposed of within the period aforesaid, or the decision is not communicated within a period of fifteen days of the expiry of the aforesaid period of four months, the multi-State co-operative society shall be deemed to have made a decision, on the date of expiry of such period, refusing admission to the applicant.
(5) It shall be the duty of every member of a multi-State co-operative society to promote and protect the interests and objects of such society.