Interpretation

In this Act, unless the context otherwise requires, “bonus” means a share of the profits of a registered society divided among its members in proportion to the volume of business done with the society by them from which the profits of the society were derived; “by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws; “committee” means the governing body of a registered society to whom the management of its affairs is entrusted; “dividend” means a share of the profits of a registered society divided among its members in proportion to the share capital held by them; “member” includes a person or registered society joining in the application for the registration of a society, and a person or 7 registered society admitted to membership after registration in accordance with the by-laws; “officer” includes a Chairperson, secretary, treasurer, member of committee, or other person empowered under the rules or by-laws to give directions in regard to the business of a “registered society” means a co-operative society registered under this Act; “Registrar” means the Registrar of Co-operative Societies appointed under section 3 and includes any person when exercising such powers of the Registrar as may have been conferred upon him under that section; “rules” means rules made under this Act.