(1) A society shall not be registered, or having been registered, continue to be registered under this Act—
(a) unless its membership consists—
(i) in the case of financial co-operatives, of not less than 50 members, and
(ii) in the case of any other co-operative of not less than 5 members;
(b) unless it is considered to be economically viable by the Registrar and has provision for equity capital expansion and continuous business growth;
(c) unless subject to subsection (2), its membership consists solely of members of a school, club, or cultural organisation who are all under the age of 16 years;
(d) unless there is conformity among its membership, none of whom is another society, with all the co-operative principles as set out in section 3;
(e) unless the word “co-operative” or “Credit Union” forms part of the name of each such society, and a society whose membership falls within the description contained in paragraph (c) the words “junior co-operative” forms part of the name of such society;
(f) unless the word “limited” is the last word of the name of a society to be registered with limited liability;
(g) if the name of the society is identical with that of another registered society or which so nearly resembles that name as to be likely to mislead the members of the public as to its identity;
(h) unless it has and maintains an address to which all notices and communications may be sent;
(i) unless its by-laws are in conformity with this Act;
(j) unless, within a reasonable time after the issue of the certificate of registration, the society paints or affixes its registered name in letters that are easily legible in a conspicuous position on the exterior of the place where the business of the society is carried on, and in the case of a society registered under section 15, its registered name bears the words “Probationary Society”.
(2) Despite anything contained in subsection (1)(c), the Registrar may register as a junior co-operative a society the substantial majority of whose members are under the age of 16 years.
(3) In the determination of the viability of a society the Registrar may have regard to—
(a) the demand for the proposed services;
(b) the capital base of the society; and
(c) the membership size and potential of the society.