(1) Where,-
(a) atleast fifteen number of persons, each of them being a member of a different family, intend to form a co-operative society having objects to undertake certain co-operative activities, for promotion of the economic interests of its members in accordance with the co-operative principles as specified in Schedule A; or
(b) atleast five members of co-operative societies, intend to form another co-operative society, with the object of facilitating the objects of such societies. they shall, appending the bye-laws they wish to adopt, apply to the Registrar in the manner as may be prescribed :
Provided that the minimum share capital shall not be less than the prescribed minimum share capital, if any, for the respective class of society as classified under the rules and that it shall be necessary for every member of the society to hold atleast one share.
(2) The bye-laws, so appended with, shall be specific on the matters specified in the Schedule 'B' and shall, in general, conform the broad parameters of the class or sub-class of societies, as prescribed in the rules, in which the society is intended to be registered according to its objects, area of operation, membership or any other criterion, as may be prescribed.
(3) A co-operative society may be registered with limited or unlimited liability and where society is registered with limited liability, the word 'limited' or its synonym in Hindi language shall form the last word in its name :
Provided that the liability of a co-operative society, which has a cooperative society as its member, shall be limited.
(4) No primary agricultural credit society or its federation or association (except those which are permitted to act as a bank under the Banking Regulation Act, 1949 (Central Act No.10 of 1949) shall be registered with the word 'bank' or any other derivative of the word 'bank' in its registered name or shall use the same as a part of its name:
Provided that where any primary agricultural credit society or its federation or association (except those which are permitted to act as a bank under Banking Regulation Act, 1949 (Central Act No.10 of 1949)) has been registered before the commencement of the Rajasthan Cooperative Societies (Amendment) Ordinance, 2009 (Ordinance No. 7 of 2009) with the word 'bank' or any of its derivatives in its registered name, it shall within three months from the date of such commencement, change its name so as to remove the word 'bank' or its derivative, if any, from its name in accordance with the provisions of section 9:
Provided further that where any society referred to in the preceding proviso fails to comply with the provisions of the said proviso within the period specified therein, the Registrar shall order the winding up of such society.