—(1) Subject to the provisions of this Act, a society —
which has as its object the promotion of the economic interests of its members in accordance with co-operative principles;
which, while having regard to the economic interests of its members in accordance with essential co-operative principles, has, as its object, the promotion of the economic interest of the public generally, or any section of the public; or
may be registered as a co-operative society under this Act.
(2) Every society which is registered under subsection (1) shall have the organisational and management structure laid down in Part V unless the Registrar, on registration of the society, considers that an organisational and management structure in the form referred to in subsection (3) is necessary or desirable for that society and should be so provided for in its by-laws.
(3) The by-laws of a society referred to in subsection (2) may provide for —
a governing body to be a board of trustees; and
a committee of management to be a board of directors,
but the provisions of Part V shall apply to a board of directors of such a society as they apply to a committee of management of any other society registered under this Act.