Write short answer of the following. State the features of co-operative society.

ANSWER:
The following are the features of a co-operative society:
i. Democratic management: A co-operative society is a democratic form of organisation, as it is managed and controlled by a managing committee formed by the members of the society.
ii. Equal voting rights: A co-operative society grants equal voting rights to all its members. This implies that each member in the society has an equal voting right, regardless of the share of capital contributed by each member.
iii. Separate legal entity: A co-operative society has an independent legal status. This implies that the co-operative society can hold properties in its own name and enter into contracts.
iv. Voluntary association: Membership is on voluntary basis and is not influenced by caste, gender or religious considerations.
v. Limited liability: The degree of liability of a member is limited to the amount of capital contributed by him or her.
vi. State control: Co-operative societies follow certain rules and regulations imposed on them by the co-operative departments of the concerned state governments.