This section applies to a registered society (or a society to be registered under this Act) if—
the society consists mainly of members who are—
producers of agricultural or horticultural produce or persons engaged in forestry, or
organisations of such producers or persons, and
the society's object or principal object is the making to its members of advances of money for agricultural, horticultural or forestry purposes.
The fact that the society's rules provide (or would if amended provide) for the making of such advances without security is not a ground for refusing to register those rules (or the amendment).