—(1) The Registrar may register a society and its by-laws if he is satisfied that —
the society has complied with the provisions of this Act and the Rules;
the proposed by-laws of the society are not contrary to this Act and the Rules; and
the proposed by-laws of the society are sufficient to provide for its proper administration and management.
(1A) For the purposes of subsection (1), the Registrar may accept a declaration made by the applicants for registration of the society as to the matters specified in subsection (1)(a), (b) and (c) as sufficient evidence of those matters.
(1B) Notwithstanding subsection (1), the Registrar may refuse to register a society which proposes to provide any financial service, and its by-laws, if he is not satisfied that —
the society is to be established in the interests of its members;
the primary object of the society is to provide the financial service;
the proposed by-laws of the society are consistent with the criterion for membership in the society prescribed in section 39(3A);
there is available sufficient capital for the commencement and maintenance of the operations of the society;
the society is able to meet such minimum financial or prudential requirements or such other requirements as may be prescribed, either generally or specifically; or
there are available officers capable of directing and managing the affairs of the society and keeping the records and accounts of the society, having regard to the reputation, character, financial integrity and reliability of the proposed officers.
(1C) The Registrar may —
register any society and its by-laws subject to such terms and conditions of registration as he thinks fit to impose; and
where the society is to provide any financial service, register the society as a credit society to provide the financial service.
(2) In every case in which the Registrar refuses to register a society, he shall communicate his decision to the applicants.
(3) An appeal against the refusal of the Registrar to register a proposed society shall lie to the Minister within 2 months from the date of the refusal, and the decision of the Minister shall be final.