s 4 Characteristics required for registration, etc.
4.—(1) Subject to the provisions of this Act, a proposed society may be registered as a society if —(a) it has as its object the promotion of the economic interests of its members in accordance with co‑operative principles; (b) while it has regard to the economic interests of its members in accordance with essential co‑operative principles, it has as its object the promotion of the economic interests of the public generally, or of any section of the public; or (c) it is established with the object of facilitating the operations of a society to which either or both of paragraphs (a) and (b) apply.[3/2018] (2) Every society must have —(a) the organisational and management structure set out in Part 5; or (b) an organisational and management structure providing for both of the following — if the Registrar, when registering that society, considers that it is necessary or desirable for that society, and should be provided for in that society’s by‑laws:(i) a governing body to be a board of trustees; (ii) a committee of management to be a board of directors.[3/2018] (3) The provisions of Part 5 apply to a board of directors of a society having an organisational and management structure in subsection (2)(b) as they apply to a committee of management of any other society.[3/2018]