With respect to the registry of new societies the following provisions shall have effect:

(1) No society can be registered under this Act which does not consist of seven persons at least none of whom, in the case of a credit union, is less than twenty-one years of age:

(2) For the purpose of registry an application to register the society, signed by seven members and the secretary, and two printed copies of the rules, shall be sent to the registrar:

(3) No society shall be registered under a name identical with that under which any other existing society is registered, or so nearly resembling such name as to be likely, or in any name likely, in the opinion of the registrar, to mislead the members or the public as to its identity, and no society shall change its name except in the manner herein-after provided.

(4) A society registered under the Industrial and Provident Societies Act, 1852, and not registered under the Industrial and Provident Societies Acts, 1862, 1867, or 1876, may obtain from the registrar an acknowledgment of registry under this Act:

(5) The word "limited" shall be the last word in the name of every society registered under this Act: