(1) This Part of this Act applies to a society which is not an agricultural co-operative society, a fishing co-operative society, a credit union or a society to which, by virtue of section 3(4) of the Credit Union Act, 1966, section 3(3) of that Act does not apply.

(2) In this section -

"an agricultural co-operative society" means a society the business of which is wholly or substantially agricultural and the majority of the members of which are mainly engaged in farming and derive the principal part of their livelihood from farming, and in which the acceptance of deposits and the making of loans constitute an insubstantial part of the business of or are incidental to, or are intended to assist the carrying on or the development of, the society's principal business:

"a fishing co-operative society" means a society the business of which is wholly or substantially related to fishing and the majority of the members of which are engaged in fishing and derive a substantial part of their livelihood from fishing, and in which the acceptance of deposits and the making of loans constitute an insubstantial part of the business of or is incidental to, or are intended to assist the carrying on or the development of, the society's principal business.