Question

The formation of co-operative societies is regulated as per The Indian Co-operative Act of _________.

Answer 1

A cooperative society or organization is a voluntary association of persons who join together for mutual help. A minimum of 10 people is required to form a cooperative society. The registration of a cooperative society is compulsory and the capital of a cooperative organization is contributed by the members-only in the form of share capital. The cooperative organization can raise loans also from the banks. "Co-operative organization is a society which has its objectives for the promotion of the economic interest of its member in accordance with cooperative principles." - The Indian Cooperative Societies Act, 1912.