(1) No person shall be admitted as member of a co-operative society except the following, namely:--
         (a) an individual competent to contract under section 11 of the Indian Contract Act, 1872 (9 of 1872);
         (b) any other co-operative society;
         (c) the Central Government; and
         (d) such class or classes of persons or association of persons as may be notified by the Lieutenant-Governor in this behalf:
     Provided that the provisions of clause (a) shall not apply to an individual seeking admission to a society exclusively formed for the benefit of students of a school or college.
     (2) Notwithstanding anything contained in sub-section (1), the Lieutenant-Governor may, having regard to the fact that the interest of any person or class of persons conflicts or is likely to conflict with the objects of any society or class of societies, by general or special order, published in the Delhi Gazette, declare that any person or class of persons engaged in or carrying on any profession, business or employment shall be disqualified from being admitted, or for continuing, as members or shall be eligible for membership only to a limited extent of any specified society or class of societies, so long as such person is or such persons are engaged in or carrying on that profession, business or employment, as the case may be.