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<h1>Existing cooperative societies deemed registered under the successor Act; their existing by-laws continue to operate unless inconsistent.</h1> Societies registered under the earlier Co-operative Credit Societies Act are deemed to be registered under the later Co-operative Societies Act, and their by-laws continue in force so far as they are not inconsistent with the express provisions of the later Act; such by-laws may be altered or rescinded to secure consistency with the new statutory framework.