(1) Notwithstanding anything contained in clause (d) of section 20, a co-operative society may admit any person as a nominal or associate member in accordance with its bye-laws.
     (2) A nominal or associate member shall not be entitled to any share in any form whatsoever, in the assets or profits of the co-operative society.
     (3) Save as provided in this section, a nominal or associate member shall have such privileges and rights of a member and be subject to such liabilities of a member, as may be specified in the bye-laws of the society.