Section 57: Interpretation.

In this Act, unless the context otherwise requires-
"bonus" means a share of the surplus of a registered society divided among its members in proportion to the volume of business done by them with the society from which the profit of the society were derived;
"bye-laws" means the registered bye-laws made by a society in the exercise of the powers conferred by this Act, and includes any registered amendment thereof;
"central financing society" means a registered society of which the principal object is to make loans to other registered societies;
"committee" means the governing body, by whatever name called, of a registered society to which the management of its affairs is entrusted;
"co-operative society" means a voluntary association of individuals, united by common bond, who have come together to pursue their economic goals for their own benefits;
"co-operative bank" means a bank registered under this Act which satisfied the requirement of the Banks and Other Financial Institutions Act in all respects except that it has a definite bias in favour of co-operatives, with respect to collateral security and statutory requirements of liquidity ratio;
"Director" means the Federal or State Director of Co-operatives appointed under this Act and includes any person exercising the powers of the Director as may have been conferred upon him under the relevant section of this Act;
"dividend" means a share of the profits of a registered society divided among its members in proportion to the share capital held by them;
"industrial society" means a registered society whose principal objective is manufacturing, making, servicing or assembling of industrial goods and whose members are respectively manufacturers; craftsmen, artisans, industrial workers and apprentices;
"member" means a person or registered society joining in the application for registration of a society or a person or registered society admitted to membership after registration in accordance with the bye-laws and regulations of the society;
"Minister or Commissioner" means the Minister or Commissioner charged with the responsibility for matters relating to co-operative societies;
"nominal member" means a branch of a national primary society admitted to membership of a State registered secondary or State registered apex society;
"officer" includes a president, secondary treasurer, financial secretary, member of committee, or other person empowered under the regulations or bye-laws to give directions on regard to the business of a registered society;
"primary society" means a registered society consisting of individuals as members;
"regulations" means regulations made under this Act;
"registered society" or "society" means a co-operative society registered under this Act;
"school co-operative society" means a registered society whose members are pupils or students attending school or any institution of learning;
"secondary society" means a registered society established to facilitate the operations of registered societies in accordance with co-operative principles and includes a central financing society.