(1) No society, other than a society of which a member is a registered society, shall be registered under this Act which does not consist of at least ten persons above the age of eighteen years and, where the object of the society is the creation of funds to be lent to its members, unless such persons—
(a) reside in the same town or village or in the same group of villages; or
(b) save where the Registrar otherwise directs, are members of the same tribe, class, caste, or occupation.
(2) The word “limited” shall be the last word in the name of every society with limited liability registered under this Act.