Write short notes on the following. Features of Co-operative society.
ANSWER:
Features of a co-operative society:
i. Separate legal entity: A co-operative society has an independent legal status. This implies that it can hold properties in its name and enter into contracts.
ii. Management and control: A co-operative society is managed and controlled by a managing committee formed by its members.
iii. Voluntary association: The membership is on voluntary basis and is not affected by caste, gender or religious considerations.
iv. Limited liability: The degree of liability of a member is limited to the amount of capital contributed by him or her.
v. State control: Co-operative societies follow certain rules and regulations framed by the co-operative departments of the concerned state governments.
vi. Equality in voting rights: It serves the value of equality through its policy of ‘one member, one vote’, regardless of the share of capital contributed by each member.