Explain any five features of co-operative society.
Explain any five features of co-operative society.
Following are the features of cooperative societies :
(i) Voluntary membership : A person is free to join and leave a cooperative society as per his desire. There can not be any compulsion for him to join or quit a society. Membership is open to all, irrespective of their religion, cast and gender.
(ii) Legal status : Registration of a cooperative society is compulsory under the cooperative societies Act 1912. All the activities of organisation are to be according to provisions of this Act.
(iii) Seperate legal Entity : After registration, the identity of a cooperative society is separate from its members. The society can enter into contracts and hold property in its own name sued and be sued by others.
(iv) Limited liability : The liability of members of a cooperative society is limited to the extent of the amount contributed by them as capital.
(v) Service motive : The cooperative society through its purpose lays emphasis on the values of mutual help and welfare. Hence the motive of service dominates its working.
Following are the features of cooperative societies :
(i) Voluntary membership : A person is free to join and leave a cooperative society as per his desire. There can not be any compulsion for him to join or quit a society. Membership is open to all, irrespective of their religion, cast and gender.
(ii) Legal status : Registration of a cooperative society is compulsory under the cooperative societies Act 1912. All the activities of organisation are to be according to provisions of this Act.
(iii) Seperate legal Entity : After registration, the identity of a cooperative society is separate from its members. The society can enter into contracts and hold property in its own name sued and be sued by others.
(iv) Limited liability : The liability of members of a cooperative society is limited to the extent of the amount contributed by them as capital.
(v) Service motive : The cooperative society through its purpose lays emphasis on the values of mutual help and welfare. Hence the motive of service dominates its working.
