Cooperative housing society

We are a group of friends and colleagues who wish to form a registered society to acquire land and build an apartment complex. We plan to pool our funds, to achieve this

the question is whether we should register this group as a Society under the Karnataka Societies Act 1960 or as a Cooperative housing society under the Karnataka Coop Societies Act 1959

Based on a reading of both the acts, the following differences seem obvious

1. the KCSA 1959 creates a corporate body as an independant legal entity with the rights to transact in property
2. The KSA 1960 vests the elected president of the Governing body with the legal authority to represent the society - whether this includes the authority to buy/sell property is not clear

any clarification in this regard is welcome

thanks in advance for any information provided

Simon