(2) Notwithstanding anything to the contrary in section 4 of the principal Act, a society shall not be registered under the principal Act unless it is shown to the satisfaction of the Registrar—
(b) That, in view of the fact that the business of the society is being, or is intended to be, conducted—
there are special reasons why the society should be registered under the principal Act rather than as a company under the Companies Act 1993.
(3) In this section the term co-operative society does not include a society which carries on, or intends to carry on, business with the object of making profits mainly for the payment of interest, dividends, or bonuses on money invested or deposited with, or lent to, the society or any other person.
(4) Where it is shown to the satisfaction of the Registrar that a society is a bona fide co-operative society the name by which that society may be registered under the principal Act may include the word
(5) If a society so registered has its registration cancelled, or if the Registrar notifies any such society that, in his opinion, it has ceased to be a bona fide co-operative society, subsection (4) of this section shall cease to apply to it.
Subsection (2) was amended, as from 22 October 2003, by section 4(2) Industrial and Provident Societies Amendment Act 2003 (2003 No 78) by substituting the words
“section 4 of the principal Act” for the words
“section 2 of the Industrial and Provident Societies Amendment Act 1923”.
Section 33(2)(b): amended, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).
Subsections (4) and (5) were inserted, as from 27 October 1965, by section 2 Industrial and Provident Societies Amendment Act 1965 (1965 No 89).