¹[3.  Act not to apply to certain co-operative societies.-- Notwithstanding anything contained in the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981), this Act shall not apply to--

   (a)  a primary agricultural credit society; or

   (b)  a co-operative society whose primary object and principal business is providing of longterm finance for agricultural development,

if such society does not use as part of its name, or in connection with its business, the words "bank", "banker" or "banking" and does not act as drawee of cheques.]