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Question
Write short notes on the following:
Features of a co-operative societies
Solution
The Features of cooperative societies are listed below :
1. Registeration : Cooperative societies are registered under the Cooperative Societies Act 1912. After
registeration a cooperative society acquires a separate legal entity.
2. Voluntary membership : It is a voluntary association of persons who are atleast 18 years of age and have a
common interest. A person can join and leave the cooperative society at any time according to their free will.
3. Democratic management : In case of cooperative society 'one person, one vote' is followed irrespective of
number of shares held by him. and all the decisions are taken by the members of the society on the basis of
majority.
4. Service motive : Main motive of a cooperative society is to provide service to its members. Surplus if
generated, is distributed as dividend among members according to the bye laws of society.
5. Limited Liability : Liability of members is limited to the amount contributed by them as capital in society.
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