In a co-operative society, the members are located in a particular place or town. Question 6. Our Co-op is owned by individual members and other co-ops, not big investors, and our members get a chance to have a say in how we're run . Answer: A cooperative society is a voluntary association of persons of moderate means, who unite together to protect and promote their common economic interests. The functions and aims of the consumer cooperative s:r societies, catering cooperatives and wholesale trade associations. But a member of the co-operatives can withdraw his capital by giving due notice to the society. Consumer cooperative society. Ownership is not enough Cooperative ownership per se can promise little or no benefit to members, such benefits only arise when collective power in the marketplace is exercised on the member's behalf. Such a society buys goods directly from manufacturers and wholesalers to … 6. 11. Lift-irrigation co-operative societies and pani-panchayats are some of the examples of co-operative farming society. Stability: A co-operative organization is for poor and lower-class people. Service: The co-operative society provides service to the members of the society. Over the years southern Star has grown into a large business enterprise. There are more than 120 cooperative society types which possess various functions and aims. The basic principles of a cooperative, to which we subscribe, are: Voluntary Membership Cooperatives are voluntary organizations open to persons willing to accept the responsibilities of membership. The first thing cooperative societies do to individual members is development of savings culture. Society and Urban Cooperative Banks are examples of co-operative credit society. Let us discuss its characteristics. Transfer of Shares. Profits mean members receive money, rewards and offers and a co-op can support its local community. Consumers cooperative societies: Consumers’ cooperatives are formed by the consum­ers to obtain their daily requirements at reasonable prices. A co-operative (co-op) is a different kind of business. Features: 7. But in a company, they are generally scattered over a wide area. Characteristics of Cooperative Society: The chief characteristic or features of a cooperative organization are as follow; Body corporate: The cooperative society is registered under the cooperative societies, Act 1925 being a corporate body like a company; it enjoys certain privileges which are subject to control and supervision of the state. The relationship can be voluntarily ended at any 10. 5. Here we will outline the main 8 categories as well as explain the roles of cooperative society. 4.2 CHARACTERISTICS OF CO-OPERATIVE SOCIETIES A co-operative society is a special type of business organization different from other forms of business organization you have learnt earlier. Explain the meaning, features, merits and demerits of cooperative society. Facts about Cooperatives. You've read: Why a Co-op? The organization should be stable in nature to earn a profit for society. 12. Hybrid: a combination of co-op types, where people with common interests band together. Date posted: September 22, 2017. Co-operative Farming Society: These societies are formed by small farmers to work jointly and thereby enjoy the benefits of large-scale farming. In the case of co-operatives, the shares are not transferable. The main types of cooperative societies are given below: 1. Five Types of Cooperatives . Explain five diseconomies of scale which it may experience. Simply setting-up and running a co-op as an enterprise that operates in a similar way to any commercial business within the same marketplace is never enough to sustain success as a cooperative. The formation of a co-operative organization is based on a service motive rather than the profit motive. 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