(1) No amendment of any by-law of a co-operative society, whether by way of addition, cancellation or alteration, shall be valid until such amendment has been registered under this Act.
(2) Every proposal for such amendment, framed in accordance with the rules, shall be forwarded to the Registrar, and if the Registrar is satisfied that the proposed amendment is not contrary to the provisions of this Act or the rules, he shall, unless for reasons to be recorded in writing he sees fit to refuse, register the amendment within a period of three months from the date of receipt of such proposal by him:
Provided that no order refusing to register the proposed amendment of the by-laws shall be made except after giving the co-operative society an opportunity of making its representations in the prescribed manner.
(3) The Registrar shall forward to the society a copy of the amendment thus registered, together with a certificate signed by him, and such certificate shall be conclusive evidence that the amendment has been duly registered.
(4) If the Registrar refuses to register the proposed amendment of any by-law of a co-operative society, he shall, within fifteen days of the date of order of refusal, communicate to the society, by registered post, the order of refusal with the reasons therefor.