Section 4 in Sikkim Co-Operative Societies Act, 1955
4. Societies which may be registered.
- Subject to the provisions hereinafter contained, a society which has as its chief object the promotion of the economic interest and general welfare of its members in accordance with, Co-operative principles or a society established with the object of facilitating the operations of such a society, including a society formed by the division of an existing registered society or amalgamation of existing two or more societies, may be registered under this Act with or without limited liability:Provided that, unless the Durbar by general or special order otherwise direct:(1)The liability of a society of which a member is a registered society shall be limited.(2)The liability of a society of which the primary object is the creation of funds to be lent to its members and of, which the majority of the members are agriculturists or artisans, and of which no member is a registered society, shall be unlimited and the members of such a society shall, on its liquidation, be jointly and severally liable for and in respect of, an obligations of such a society:Provided further that no society shall be registered if, in the opinion of the Registrar, its declared objects are unlikely to be achieved or if it is economically unsound or if it may have adverse effect upon any registered society or the Co-operative movement as a whole.
