(a) Notwithstanding anything in the Industrial and Provident Societies Acts, 1893 to 1936, a society which may be registered under those Acts shall include a co-operative society which consists of persons each of whom has, in relation to all the other members of the society, not less than one of the common bonds set out in paragraph (b) of this subsection, and is formed for the following objects -
(i) the promotion of thrift among its members by the accumulation of their savings,
(ii) the creation of sources of credit for the benefit of its members at a fair and reasonable rate of interest, and
(iii) the use and control of members' savings for their mutual benefit.
(b) The common bonds referred to in paragraph (a) of this subsection are -
(i) the common bond of association (other than for the purpose of forming or conducting a credit union);
(ii) the common bond of occupation;
(iii) the common bond of residence or employment within a particular locality;
(iv) the common bond o