(1) An application for membership of a society must be submitted to the board in such form as the board approves.
(2) In order to qualify for the membership of a society, a person, other than a registered society—
(a) shall be a citizen or a resident of Saint Lucia;
(b) shall not be an undischarged bankrupt;
(c) shall not be of unsound mind; and
(d) shall be 16 years of age or over.
(3) The board shall cause each applicant for membership to be notified in writing that his or her application has been approved or disapproved.
(4) A society shall not without permission of the Registrar register as a member a person who is a member of another society whose primary object is to grant loans to its members, neither shall a registered society become a member of another registered society of the same type.