7. Prohibition of registration of banking Societies
A society for carrying on the business of banking shall not be registered under this Act. However, the taking of deposits of not more than $2.40 in any one payment, nor more than $96 for any one depositor, payable on not less than 2 days notice, is not considered to be included in the business of banking within the meaning of this Act, if the society has not any withdrawable share capital.