2. Interpretation
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(1) In this Act—
“articles” means the articles of association of a society that are submitted to the Registrar with an application for the registration of the society;
“board” means the board of directors or other directing body (by whatever name called) to which the management of the affairs of a society is entrusted;
“bonus” means a share of the profits of a registered society divided among its members in proportion to the volume of business done with the society from which the profits of the society were derived;
“by-laws” means the registered by-laws made by a society under this Act and includes a registered amendment of such by-laws;
“co-operative” or “co-operative society” means a body corporate registered under this Act which consists of a group of people, small or large, with a commitment to joint action on the basis of democracy and self-help in order to secure a service or economic arrangement that is both socially desirable and beneficial to all taking part;
“Court” means the High Court of Justice;
“credit union” means a registered society whose objects and services include the promotion of thrift and the creation of a source of credit for its members for provident and productive purposes;
“director” means a member of the board who is elected in accordance with section 69;
“dividend” means a share of the profits of a registered society divided among its members in proportion to the share capital held by them;
“member” includes a person or registered society joining in the application for the registration of a society, and a person or registered society admitted to membership after registration in accordance with this Act and the by-laws;
“minor” means an individual under the age of 16 years;
“national league” or “National Council” means the apex body for registered societies established for the purposes of section 214;
“officer” includes a director, secretary, treasurer, or other person empowered under the regulations or by-laws to give directions in regard to the business of a registered society;
“society” means a co-operative society and includes a society registered under this Act.
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(2) This Act applies to societies which are registered under this Act or deemed, by virtue of section 241, to be registered under this Act.