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Question
State with reasons whether the following statements are True or False.
Maximization of profit is the main motto of co-operative society.
Solution
Profit maximization is the motto or object of a Co – operative Organisations.
This Statement is False.
1. 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.
2. The nature of co-operative organization is service oriented. Each for all and all for each is the principles of a co-operative society.
3. Co-operative society is a society which has its objectives for the promotion of economic interests of its members in accordance with co-operative principles.” (Indian Co-operative Societies Act1912)
4. Thus the motto or object of a Co – operative Organisation is not to earn profit but to render service to its members.
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