Teachers of your school formed a society to buy land and construct flats for its members. Identify this form of business.

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Solution

The literal meaning of co-operative is working together with others for a common purpose. A co-operative society is an autonomous body of people united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.
The Co-operative Principles under which a co-operative society operates and carries out its business are :-
Voluntary and open membership.
Democratic control, one member one vote.
Autonomy and independence.
Promoting economic activities.
Promoting education and information technology.
Co-operation among co-operatives.
Concern for the social and ecological environment.

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