A society which may be registered under this Act (herein called an industrial and provident society) is a society for carrying on any industries, businesses, or trades specified in or authorised by its rules, whether wholesale or retail, and including dealings of any description with land. Provided that -

(a) No member other than a registered society shall have or claim any interest in the shares of the society exceeding €150,000 or an amount equal to 1 per cent of the total assets of the society, whichever is the greater, except where otherwise specified in the rules of the society, and

(b) In regard to the business of banking, the society shall be subject to the provisions herein-after contained.