(1) No amendment of any bye-laws of a co-operative society shall be valid unless such amendment has been registered under this Act.
     (2) Every proposal for such amendment shall be forwarded to the Registrar and if the Registrar is satisfied that the proposed amendment--
         (a) is not contrary to the provisions of this Act and the rules;
         (b) does not conflict with co-operative principles; and
         (c) will promote the economic interests of the members of the society,
     he may register the amendment.
     (3) The Registrar shall forward to the society a copy of the registered amendment together with a certificate signed by him and such certificate shall be conclusive evidence that the amendment has been duly registered.
     (4) Where the Registrar refuses to register an amendment of the bye-laws of a co-operative society, he shall communicate the order of refusal together with the reasons therefor, to the society in the manner prescribed.