C=l�G �. Sources of finance: In a co-operative society capital is contributed by all the members. It may be noted that law requires that every co-operative society must transfer at least one-fourth of its profits to a general reserve, likewise, it is provided that a portion of the profit, not exceeding 10 per cent, may be utilised for the general welfare of the locality in which the society is functioning. It can make agreements as well as purchase and sell property in its own name. �V��bZm�$AĈp��y�%�-�0N"S�o��e�Q�e�2���|���L�JkuC�t�$���RH����0���"���Q�����V�҈N$-u�dw�@��x�����i&c��8�I2o�i+�tO{�����H�uߑՕ���� �6v��j���~�h6���N��T�͉�eL��!2��2��9�kć�Fm�q:�J#b�MmIoi�[ՠI��4I';�(��u��"� k���nt�J��n/:ZK�6�R� ��o�Wo�կ�l~�z �)�JԺ�!��I5d�me�1 �R��s0nh�����U��Pz����.ꧣ�*��E�d6�n��ZU�S�"j#��@AVժFu'R��h,��f'v�!��%��P��)dڶ���!�,w�?L�Og��Du{&ٿH�gIխ�V��;���@Dۛ���}��g�|����2x��R�N �����}ц(wL�{U�o6��Q~��#@r�T�$�~���>X���(Pf%�����݋��y�Rղ^C�!������F8�7�k�; ��u�(Q�(��A5j�̕���,"�Ɂv�a�ȧDc#sX �br[�!�� �L �{���]{ ��R�p-����!h�RV�7��G�����W� `q��F�u�=>7�>�������,������c��TkV��VL8�����ΐr6�d���!ř�]XLo�4L'�p�qM2��'ڽ���$�����,��l�� 0000001349 00000 n The membership of a cooperative society is open to all. THE CO-OPERATIVE SOCIETIES ACT 1. Separate Legal status – Cooperative society enjoys in a district status independent of its members as its registration is compulsory. 'Each for all and all for each' is the principle of a cooperative Society. However, there is a possibility of withdrawal of capital. Cooperative societies make no distinction among the members on the basis of their financial strength or the number of shares held by them. Each for all and all for each is the principles of a co-operative society. The members of a cooperative society contribute capital to purchase of its shares. Service motive. Academia.edu is a platform for academics to share research papers. Audit- Accounts of cooperative society are audited by the auditors appointed by the Government under the supervision and control of Registrar of Co-operative Societies. Mutual help in place of competition 3. A cooperative society must be registered under the Cooperative Societies Act, 1912, or respective state cooperative laws. Since then, the cooperative society have become widespread all over the world. The society provides loans only relate to agricultural credit to farmers 5. Shares held in a co-operative society … Cooperative society must be registered and operated following the Cooperative Act, 1940. Industrialists used to exploit labour and other weaker sections of the society. Audit, 10. Trading on Cash Basis. Democratic management: In the cooperative society, the democratic management system must be – maintained both managerial and operational levels. It is an association of persons who voluntarily pool their resources for utilizing them for the mutual welfare of members itself. The capital of a society is raised from its members through the issue of shares. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. A co-operative society sells shares to its members. There is no provision for voting by proxy. For the purpose of managing day-to-day affairs, members select their representatives as members of board of directors and/or management committee. Voluntary Association: Features of a Cooperative Society – 14 Main Features of a Cooperative Society, Features of a Cooperative Society – With the Definitions According to: The Cooperative Societies Act, 1912 and H.C.Calvert, Features of a Cooperative Society – With 2 Distinct Characteristics of the Constitution Exemplified by a Cooperative Society, Features of a Cooperative Society – Voluntary Association, Separate Legal Entity, Control, Service Motive and Distribution of Surplus, Advantages and Disadvantages of Cooperative Society, Features of a Cooperative Society – 12 Important Features of a Cooperative Society, Features of a Cooperative Society – 10 Primary Features of a Cooperative Society: Voluntary Association, Open Membership, Service Motive, State Control and a Few Others. A Co-operative Society can be formed as per the provisions of the Co-operative Societies Act, 1912. The main objective of a cooperative society is to serve the public. Share Your PPT File, Features and Characteristics of Cooperative Society: Voluntary Association, Open Membership, Service Motto and a Few Others, – 12 Important Features of a Cooperative Society, – 10 Primary Features of a Cooperative Society: Voluntary Association, Open Membership, Service Motive, State Control and a Few Others, ness activities on cash basis. registered society, by at least ten persons qualified in accordance with the requirements of section 23; 46/1957 and in the case of a society of which a member is a registered society, by a duly authorized person on behalf of every such registered society, and, where all the members of the society … Business is managed by an elected managing committee and acts on the principle of ‘one member one vote’ and it doesn’t matter how many shares are held by the member. Besides, the organisation and control of a co-operative society tend to be perfectly democratic in so far as its bye-laws are approved by the members after it has been registered. It can run the business under its name. One of the reasons is the amount of grants received by the societies from the government. Equality of Vote 26. Service in place of profit 2. Each member, whatever be his stake in the society, has one vote and hence an equal right to participate in the management of the society. Profits, however, are not earned at the cost of the members’ welfare. Earning profits is a secondary motive and not the primary motive. 3. A co-operative society must be formed under the Co-operative Societies Act, 1912 or under the relevant state co-operative society’s law. It encourages savings among the agriculturists, accepts deposits from them, gives loans to the needy borrowers and collects repayments. However, like any other forms of business entities, they are required to observe the laws and regulations framed by the government. operative society. The Basic Philosophy of Cooperative Society 1. Co-operative Organisation is a voluntarily association of individuals seeking to improve their economic conditions through joint efforts. Cooperative society is considered to be a separate legal entity after registration. For example, in a consumer co-operative society, bonus is paid in proportion to the purchases made by members during a year. It is based on the principle of one man one vote. A co – operative society is a voluntary association of persons of moderate means, who unite together to protect and promote their common economic and social interests. Membership of the organisation is open to everybody. Some of the features of a cooperative society are:-, 1. The death, lunacy or insolvency of its members does not affect its existence. It encourages savings among the agriculturists, accepts deposits from them, gives loans to the needy borrowers and collects repayments. Members are elected at the annual general meeting of the society. However, it is a part of Government policy to assist and encourage co-operatives and therefore, a co-operative society can usually augment its resources by loans from the State and Central Co-operative Banks. Members join the cooperative society by choice. Characteristics of cooperative management—its role, functions, and tools The nature and role of coopera-tive directors as policymakers and individuals Membership responsibilities Cooperative influences on public policy Relationships and linkages between independent, federated, trailer << /Size 53 /Info 34 0 R /Root 38 0 R /Prev 32781 /ID[<6c924a91260ac2710dad4f9c16825ee2><8a3194d733b67ec54f872bf5d325d4df>] >> startxref 0 %%EOF 38 0 obj << /Type /Catalog /Pages 36 0 R /Metadata 35 0 R >> endobj 51 0 obj << /S 168 /Filter /FlateDecode /Length 52 0 R >> stream A cooperative may succeed as a business, but gradually lose its cooperative character regarding member control, serving the needs of members, There is equality of status between members of a cooperative society. It has a separate legal entity distinct from its members. The procedure involves in the registration of a cooperative society is very simple and easy. Management of Affairs of Co-Operative. Co-operative societies … (iv) A copy of the bye-laws and the scheme of organisation should be submitted to the Registrar. Non transferability of shares. However, the following elements are essential for the successful implementation of cooperative learning. Members elect a board of Directors, who manage the affairs of the society on behalf of the members and are answerable to the members of the society. There is no bar against an individual desirous of becoming a member. Thus, cooperative societies are truly democratic organisations. 1. n. an association of individual businesses, farmers, ranchers, or manufacturers with similar interests, intending to cooperate in marketing, shipping and related activities (sometimes under a single brand name) to sell their products efficiently, and then share the profits based on the production, capital or … The nature of co-operative organization is service oriented. -H.C. Calvert. Audit of Co-operative Society. Voluntarily Organisation: Co-operative Organisation is a voluntarily association of individuals seeking to improve their economic conditions through joint efforts. A co-operative society can be formed by alteast 10 adult members. Since it is a part of govt. The cooperative society is a voluntary association of persons, who join together with the motive of welfare of the members. Mutual help in place of competition 3. However, after the formation of a cooperative society, the members may unanimously decide to specify the maximum number of members. The word cooperative means working together and with others for a common purpose. Cash trading spares the cooperative societies to avoid bad debts and credit collection. DEFINITION A co-operative is defined as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Its main objective is to provide service to the members and not to maximize profits. Joining of new members or leaving of existing members does not affect the continuity of the society. The capital of a co-operative society is raised from members by way of share capital. The objective of cooperative society is not profit, but mutual gain, based on mutual trust. expenses. As a form of organisation, the cooperative association is marked by the following distinctive characteristics: “A co-operative society is a voluntary association of persons and not of capital.” Any person, irrespective of his caste and creed, can join a co-operative society of his free will and can leave it at any time after giving due notice to the society. Membership of the cooperative society is open to all. Moral solidarity in place of unethical business practice 4. Further, a member of the society has the option to leave the society by serving an appropriate notice of this action. (iii) A part of the surplus, not exceeding more than 10 percent, can be used for the benefit of the areas where the business is working. This is due to the fact that there is separation of religion from the management. The death, insolvency or lunacy of a member does not affect its existence. It enjoys perpetual existence. On registration, the cooperative society will attain the corporate status (the status of a company) and will become entitled to certain privileges. 0000001534 00000 n This list became one of the first sets of cooperative principles, characteristics Hidden Wonders Of Maine, Adak Island Weather, Migration Conference 2020, Sentence Of Knight, Family Guy One If By Clam Script, Cows On Beach Corsica, Eric Samson Cleveland, Iom Steam Train Prices, " />
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features of cooperative society pdf

Unlike a Joint Hindu Family where membership is by – birth or by marriage into the family, a common interest brings members of a cooperative society together. Ownership: ADVERTISEMENTS: Being a voluntary association, it is owned by a group of persons (who are called members) living generally in the same locality or working at the same place. Increasing patronage cannot be maintained without good quality service, management and performance. A cooperative society is formed with a service motive and for mutual welfare and not for maximisation of profits. Low membership fees Management of Affairs of Co-Operative: Management of the affairs of co-operative is entrusted to directors elected by its shareholders in annual general meetings and they are responsible and accountable to the members. An individual is free to join the Society and resign from his membership of the Society at his will and discretion. Profits earned by the society are distributed amongst its members according to the extent of business transacted by the member with the society. The features of the co-operative organisation outlined above were the basic principles on which the co-operative movement was based in the beginning. It was named the Society of Fair Pioneers of the Rochdale city. But a member is required to serve a notice before leaving the society. Liability of the members of a cooperative society is limited to the extent of capital contributed by them. 0000007939 00000 n on cooperative identity . Bulk of the funds is raised in the form of loans and grants. (i) A co-operative society must have at least 10 members who have attained majority in age (i.e., are above 18 years of age). At the same time, any member who wants to leave the society is free to do so. Distribution of Surplus- Members are paid dividend and bonus out of the profits of the co-operative society. There is no legal binding or coercion from any corner for a person to become a member. A cooperative society enjoys separate legal entity which is distinct from its members. Profits are distributed among the members not on the basis of the capital holdings, but in proportion to the participation of each member in the functioning of the society. Self help in place of dependence 4. Voluntary Association: It is a voluntary association. ; within agriculture, the multi-purpose cooperative society is engaged in product marketing, it's processing, supply, transportation, storage, commerce, equipment repair, etc. The cooperative movement began in Europe in the 19th century, primarily in Britain and France. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. 3. Voluntary association 3. Remaining Profits are distributed based on dealings of members with the society. The members willing to form a society must have common bond among them. Registration procedure is simple and not time consuming. Cooperative society form of organisation has emerged as a consequence of industrial revolution which led to proliferation of industrial activities. In some States like Madhya Pradesh, the Registrar of Co-operative Societies even approves of appointments in managerial position and lays down terms of employment. (7) Language in which the books and accounts of the society … Profit distribution is not based on capital contribution. Cooperative society is formed for the promotion of thrift, self-help and mutual assistance of the While leaving, he can withdraw his capital from the society. Cooperative society form of organisation has emerged as a consequence of industrial revolution which led to proliferation of industrial activities. The capital required by co-operative is raised by share capital which is contributed by its members. New Zealand. Elimination of Middlemen 8. Every member works in the interest of the co-operative. Example: A team-based project where grades are based on the performance of the team. It is a village-level institution which directly deals with the rural people. 0000000667 00000 n Service in place of profit 2. People come forward as a group, pool their individual resources, utilise them in the best possible manner, and derive some common benefit out of it. 1. oluntV ary Association : A Cooperative Society is a voluntary association of persons. Pioneer Urban Cooperative Society in Bombay (1905) No.1 Military Accoun t s Mutual Help Co-operative Credit Society in Poona (1906). “Service before self”, ‘Service’ is of primary importance and “Self Interest” is of secondary importance. If there is any surplus as a result of if business operation, it is distributed among members as ‘dividend’. 3. It’s not profit motive. They can leave the society at their will after giving a due notice. A registered cooperative society enjoys certain privileges and exemptions granted by the Central and State Governments. Limited Capital 29. Before publishing your Articles on this site, please read the following pages: 1. 4. It sells quality goods at cheaper rates to the members by retaining a small margin for profit. Introduction: - A Co-operative society is a voluntary association of people who come together on the basis of unity and equality to protect and promote their common economic interest. Cash trading spares the cooperative societies to avoid bad debts and credit collection expenses. Its membership is open for all irrespective of caste, language, religion, sex or income. There is limited liability of the members of co-operative society. Any person with common interest can become a member. The various features of a cooperative society are described below: 1. He cannot, however, transfer his share to another person. The cooperative movement is a worldwide phenomenon with root from Great Britain. Today, coops could be organized in various spheres of economic life. Any person irrespective of his/her religion, caste and gender is free to join or leave cooperative society anytime as per his/her desire. Content Guidelines 2. 0000002650 00000 n Share Your Word File The member can also leave the society any time after giving a proper notice. Not merely this, even the day-to-day work of a co-operative society may be carried on by the members working in different capacities, and outsiders may be employed only when the society grows too large. Apart from rendering services to their members, cooperative societies also earn some profits, which are a by-product of their business activities. Every co-operative has to get its accounts audited by an auditor from the co-operative department and has to furnish returns of membership and annual report and accounts to the Registrar of Co-operatives. The liability of members of a cooperative society is limited to the extent of the capital contributed by them. To fulfill this duty, the cooperative societies are required to send their account books to the registrar for inspection. Cash trading does not involve bad debts and credit collection expenses. Conditions of registration. Dr. Moses Gweyi. A specified portion of profits is transferred to Statutory Reserve Fund and then a fair rate of interest is paid on capital subscribed by the members. There is no trading in credit, as liquidity and -safety of funds is very crucial. Open membership 2. At these meetings, the members elect the managing committee and lay down the policy which it must follow to promote their common interests. The mission statement contains the definition of a cooperative, the values that cooperatives should espouse, and the seven principles that they Equal Voting Rights 3. Housing Cooperative Society: This committee is formed to help the members who need lands and houses. H��V���6��+�7���J�$[��H�E� A6A�L�ܕD����G�}Cje��&� ��-�3o�=��ݽ��~IQ�1���,hyD�"z��"�#���#�w/c�� &E�,��9�A�Ga�~V�2x� According to Mashile (2002: 73), the diverse methods found in cooperative learning imply that each method will have characteristics peculiar to the method. Service motive – A cooperative society is brought into existence with the purpose of promoting social welfare through mutual help. The death, insolvency or insanity of a member does not affect its existence unlike partnership. The bonus may be paid to the members in proportion to purchases made during the year in the case of a consumers’ co­operative store, or in proportion to the goods delivered for sale to the society in the case of a producers’ co-operative store. There cannot be any compulsion in this regard. This ensures that the opinions all members of the society are given equal weightage. 9. Easy to form: The formation of a cooperative society is very simple as compared to the formation of any other form of business organisations. Because of lack of awareness among the people about the different schemes of the society. Moral solidarity in place of unethical business practice 4. To protect the interests of the weaker sections of the society, the concept of cooperation emerged which has the motto, ‘each for all and all for each’ and ‘self- help through mutual aid’. cessful early cooperative, the Rochdale Society developed an active outreach program, encouraging and assisting oth-ers to form cooperatives. Therefore its continuance is in no way affected by the death, insanity or insolvency of its members. Voluntary association 3. For pursuing common objective persons voluntarily come together and form an association. The capital of a society is raised from its members through the issue of shares. Principle of Self and Mutual Help- Cooperative society promotes the common interests of its members through self-help and mutual help. The co-operatives in a state are regulated and governed by the special Acts, enacted by respective state e.g. However, these societies are not barred legally to sell goods on credit. Privacy Policy3. There are many different types of cooperative societies. Any ten adults can join together and form a cooperative society. Feature # 1. Therefore, personal assets of members cannot be used to repay business debts. This Act may be cited as the Co-operative Societies Shorttitle. Exceptions are made in case of some members. It does not get affected by the entry or exit of its members. A co-operative society is organised primarily with the object of rendering maximum service to its members in a certain field. 0000001190 00000 n Self help in place of dependence 4. Each for all and all for each. Let us now discuss the provisions for Audit as Per Section 17 of the Co-operative Society Act, 1912 − The dealings primarily take place in commodities like food grains, jute, cotton, sugar, milk, fruit and nuts. Act. It can also sue other people and organisation in a court of law. Service Objective The main object of co-operative society is to serve its members rather than to earn profits. 0000004436 00000 n Share Your PDF File 2. Thus, it has perpetual existence. Each member, irrespective of his position in the society or the number of shares held by him, is entitled to only one vote. Under the co-operative form of ownership and organisation, the surplus arising out of a year’s working is given to the members not directly as dividend on shares held by each of them, but in the form of a bonus which need not be proportionate to their respective capital contributions. f����6q\��|q ����74�Co�c��Ӏc����e��k�.��bb�.�n` ��;��>C=l�G �. Sources of finance: In a co-operative society capital is contributed by all the members. It may be noted that law requires that every co-operative society must transfer at least one-fourth of its profits to a general reserve, likewise, it is provided that a portion of the profit, not exceeding 10 per cent, may be utilised for the general welfare of the locality in which the society is functioning. It can make agreements as well as purchase and sell property in its own name. �V��bZm�$AĈp��y�%�-�0N"S�o��e�Q�e�2���|���L�JkuC�t�$���RH����0���"���Q�����V�҈N$-u�dw�@��x�����i&c��8�I2o�i+�tO{�����H�uߑՕ���� �6v��j���~�h6���N��T�͉�eL��!2��2��9�kć�Fm�q:�J#b�MmIoi�[ՠI��4I';�(��u��"� k���nt�J��n/:ZK�6�R� ��o�Wo�կ�l~�z �)�JԺ�!��I5d�me�1 �R��s0nh�����U��Pz����.ꧣ�*��E�d6�n��ZU�S�"j#��@AVժFu'R��h,��f'v�!��%��P��)dڶ���!�,w�?L�Og��Du{&ٿH�gIխ�V��;���@Dۛ���}��g�|����2x��R�N �����}ц(wL�{U�o6��Q~��#@r�T�$�~���>X���(Pf%�����݋��y�Rղ^C�!������F8�7�k�; ��u�(Q�(��A5j�̕���,"�Ɂv�a�ȧDc#sX �br[�!�� �L �{���]{ ��R�p-����!h�RV�7��G�����W� `q��F�u�=>7�>�������,������c��TkV��VL8�����ΐr6�d���!ř�]XLo�4L'�p�qM2��'ڽ���$�����,��l�� 0000001349 00000 n The membership of a cooperative society is open to all. THE CO-OPERATIVE SOCIETIES ACT 1. Separate Legal status – Cooperative society enjoys in a district status independent of its members as its registration is compulsory. 'Each for all and all for each' is the principle of a cooperative Society. However, there is a possibility of withdrawal of capital. Cooperative societies make no distinction among the members on the basis of their financial strength or the number of shares held by them. Each for all and all for each is the principles of a co-operative society. The members of a cooperative society contribute capital to purchase of its shares. Service motive. Academia.edu is a platform for academics to share research papers. Audit- Accounts of cooperative society are audited by the auditors appointed by the Government under the supervision and control of Registrar of Co-operative Societies. Mutual help in place of competition 3. A cooperative society must be registered under the Cooperative Societies Act, 1912, or respective state cooperative laws. Since then, the cooperative society have become widespread all over the world. The society provides loans only relate to agricultural credit to farmers 5. Shares held in a co-operative society … Cooperative society must be registered and operated following the Cooperative Act, 1940. Industrialists used to exploit labour and other weaker sections of the society. Audit, 10. Trading on Cash Basis. Democratic management: In the cooperative society, the democratic management system must be – maintained both managerial and operational levels. It is an association of persons who voluntarily pool their resources for utilizing them for the mutual welfare of members itself. The capital of a society is raised from its members through the issue of shares. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. A co-operative society sells shares to its members. There is no provision for voting by proxy. For the purpose of managing day-to-day affairs, members select their representatives as members of board of directors and/or management committee. Voluntary Association: Features of a Cooperative Society – 14 Main Features of a Cooperative Society, Features of a Cooperative Society – With the Definitions According to: The Cooperative Societies Act, 1912 and H.C.Calvert, Features of a Cooperative Society – With 2 Distinct Characteristics of the Constitution Exemplified by a Cooperative Society, Features of a Cooperative Society – Voluntary Association, Separate Legal Entity, Control, Service Motive and Distribution of Surplus, Advantages and Disadvantages of Cooperative Society, Features of a Cooperative Society – 12 Important Features of a Cooperative Society, Features of a Cooperative Society – 10 Primary Features of a Cooperative Society: Voluntary Association, Open Membership, Service Motive, State Control and a Few Others. A Co-operative Society can be formed as per the provisions of the Co-operative Societies Act, 1912. The main objective of a cooperative society is to serve the public. Share Your PPT File, Features and Characteristics of Cooperative Society: Voluntary Association, Open Membership, Service Motto and a Few Others, – 12 Important Features of a Cooperative Society, – 10 Primary Features of a Cooperative Society: Voluntary Association, Open Membership, Service Motive, State Control and a Few Others, ness activities on cash basis. registered society, by at least ten persons qualified in accordance with the requirements of section 23; 46/1957 and in the case of a society of which a member is a registered society, by a duly authorized person on behalf of every such registered society, and, where all the members of the society … Business is managed by an elected managing committee and acts on the principle of ‘one member one vote’ and it doesn’t matter how many shares are held by the member. Besides, the organisation and control of a co-operative society tend to be perfectly democratic in so far as its bye-laws are approved by the members after it has been registered. It can run the business under its name. One of the reasons is the amount of grants received by the societies from the government. Equality of Vote 26. Service in place of profit 2. Each member, whatever be his stake in the society, has one vote and hence an equal right to participate in the management of the society. Profits, however, are not earned at the cost of the members’ welfare. Earning profits is a secondary motive and not the primary motive. 3. A co-operative society must be formed under the Co-operative Societies Act, 1912 or under the relevant state co-operative society’s law. It encourages savings among the agriculturists, accepts deposits from them, gives loans to the needy borrowers and collects repayments. However, like any other forms of business entities, they are required to observe the laws and regulations framed by the government. operative society. The Basic Philosophy of Cooperative Society 1. Co-operative Organisation is a voluntarily association of individuals seeking to improve their economic conditions through joint efforts. Cooperative society is considered to be a separate legal entity after registration. For example, in a consumer co-operative society, bonus is paid in proportion to the purchases made by members during a year. It is based on the principle of one man one vote. A co – operative society is a voluntary association of persons of moderate means, who unite together to protect and promote their common economic and social interests. Membership of the organisation is open to everybody. Some of the features of a cooperative society are:-, 1. The death, lunacy or insolvency of its members does not affect its existence. It encourages savings among the agriculturists, accepts deposits from them, gives loans to the needy borrowers and collects repayments. Members are elected at the annual general meeting of the society. However, it is a part of Government policy to assist and encourage co-operatives and therefore, a co-operative society can usually augment its resources by loans from the State and Central Co-operative Banks. Members join the cooperative society by choice. Characteristics of cooperative management—its role, functions, and tools The nature and role of coopera-tive directors as policymakers and individuals Membership responsibilities Cooperative influences on public policy Relationships and linkages between independent, federated, trailer << /Size 53 /Info 34 0 R /Root 38 0 R /Prev 32781 /ID[<6c924a91260ac2710dad4f9c16825ee2><8a3194d733b67ec54f872bf5d325d4df>] >> startxref 0 %%EOF 38 0 obj << /Type /Catalog /Pages 36 0 R /Metadata 35 0 R >> endobj 51 0 obj << /S 168 /Filter /FlateDecode /Length 52 0 R >> stream A cooperative may succeed as a business, but gradually lose its cooperative character regarding member control, serving the needs of members, There is equality of status between members of a cooperative society. It has a separate legal entity distinct from its members. The procedure involves in the registration of a cooperative society is very simple and easy. Management of Affairs of Co-Operative. Co-operative societies … (iv) A copy of the bye-laws and the scheme of organisation should be submitted to the Registrar. Non transferability of shares. However, the following elements are essential for the successful implementation of cooperative learning. Members elect a board of Directors, who manage the affairs of the society on behalf of the members and are answerable to the members of the society. There is no bar against an individual desirous of becoming a member. Thus, cooperative societies are truly democratic organisations. 1. n. an association of individual businesses, farmers, ranchers, or manufacturers with similar interests, intending to cooperate in marketing, shipping and related activities (sometimes under a single brand name) to sell their products efficiently, and then share the profits based on the production, capital or … The nature of co-operative organization is service oriented. -H.C. Calvert. Audit of Co-operative Society. Voluntarily Organisation: Co-operative Organisation is a voluntarily association of individuals seeking to improve their economic conditions through joint efforts. A co-operative society can be formed by alteast 10 adult members. Since it is a part of govt. The cooperative society is a voluntary association of persons, who join together with the motive of welfare of the members. Mutual help in place of competition 3. However, after the formation of a cooperative society, the members may unanimously decide to specify the maximum number of members. The word cooperative means working together and with others for a common purpose. Cash trading spares the cooperative societies to avoid bad debts and credit collection. DEFINITION A co-operative is defined as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Its main objective is to provide service to the members and not to maximize profits. Joining of new members or leaving of existing members does not affect the continuity of the society. The capital of a co-operative society is raised from members by way of share capital. The objective of cooperative society is not profit, but mutual gain, based on mutual trust. expenses. As a form of organisation, the cooperative association is marked by the following distinctive characteristics: “A co-operative society is a voluntary association of persons and not of capital.” Any person, irrespective of his caste and creed, can join a co-operative society of his free will and can leave it at any time after giving due notice to the society. Membership of the cooperative society is open to all. Moral solidarity in place of unethical business practice 4. Further, a member of the society has the option to leave the society by serving an appropriate notice of this action. (iii) A part of the surplus, not exceeding more than 10 percent, can be used for the benefit of the areas where the business is working. This is due to the fact that there is separation of religion from the management. The death, insolvency or lunacy of a member does not affect its existence. It enjoys perpetual existence. On registration, the cooperative society will attain the corporate status (the status of a company) and will become entitled to certain privileges. 0000001534 00000 n This list became one of the first sets of cooperative principles, characteristics

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