Write short answer of the following. State the merits of co-operative societies.

The following are the merits of co-operative societies:
i. Limited liability: The liability of all members in a co-operative society is limited to the amount unpaid on the shares held by them.
ii. Ease of formation: The formation of a co-operative society is quite easy, as it requires the induction of only 10 adult members. Also, the registration procedure of a society is quite simple.
iii. Continued existence: A co-operative society is a stable form of organisation, as its existence remains unaffected by the death, insolvency or insanity of its members.
iv. Equal voting rights: There is an equality in the voting rights, as the voting process follows the policy of “one member, one vote”, regardless of the share of capital of each member.
v. Open membership: Membership of a co-operative society is open to all, regardless of caste, creed, religion or sex.
vi. Democratic management: A co-operative society is democratic in nature, as it is managed and controlled by a managing committee formed by its members.