(1) If the Central Registrar is satisfied--
(a) that the application complies with the provisions of this Act and the rules;
(b) that the proposed multi-State co-operative society satisfies the basic criterion that its objects are to serve the interests of members in more than one state;
(c) that its bye-laws provide for social and economic betterment of its members through self-help and mutual aid in accordance with the co-operative principles;
(d) that the proposed bye-laws are not contrary to the provision of this Act and the rules,
he may register the multi-State co-operative society and its bye-laws.
(2) The application for registration shall be disposed of by the Central Registrar within a period of four months from the date of receipt thereof by him.
(3) Where the Central Registrar refuses to register a multi-State co-operative society, he shall communicate, within a period of four months from the date of receipt of the application for registration, the order of refusal together with the reasons therefor to the applicant or applicants, as the case may be:
Provided that no order or refusal shall be made unless the applicants have been given a reasonable opportunity of being heard:
Provided further that if the application for registration is not disposed of within a period of four months specified in sub-section (2) or the Central Registrar fails to communicate the order of refusal within that period, the application shall be deemed to have been accepted for registration and the Central Registrar shall issue the registration certificate in accordance with the provisions of this Act and the rules made thereunder.