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Another important characteristic of co-operative organisation is that all the members are treated as equal. Voluntary Association 2. The characteristic features of co-operative form of organisation are as follows: 1. The formation of co-operatives is based on service motive rather than a profit motive. In multi-state cooperative societies the minimum numbers of member is 50 from each state in case the member are individuals. So it is not suitable to run a large-scale business unit. The membership of a cooperative society is open to all. They join to protect themselves from the possible exploitation at by middlemen who desire to earn greater profits. Definition, Nature, Types, and Objective, Advantages and Disadvantages of Joint Hindu Family Business, Merits and Demerits of Joint Hindu Family Business, Advantages and Disadvantages of Limited Liability Partnership. A place of true democracy: A co-operative society is a highly democratic society since all members have equal rights and each member is entitled to a single vote. It can have unlimited members at maximum. It can enter into contracts in its own name. Plagiarism Prevention 5. 7. The people invest money in the hope of getting maximum returns. Report a Violation 11. Marketing co-operatives eliminate middleman and ensure honest trading practices in weighing, measuring and accounting. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. Co-operative societies cannot mobilize adequate capital for running large scale business units since they are unable to get any support from the rich people. 2. The liability of the members of a co – operative society is limited to the extent of capital contributed by them. A co – operative society has a separate legal existence. Marketing co-operative society: This co-operative society is made up of members who sell certain specified goods to the general public or certain agencies of the government. The societies are by the small producers to fight against the big producers. The co-operative society is a separate legal identity to the society. It is distinct from the members who constitute it. Elections to the housing societies for less than 250 members to be conducted internally by the society 2. Features of a Cooperative Society – 12 Important Features of a Cooperative Society. Voluntary Membership. A voluntary consent of at least ten adult persons is required to form a cooperative society. All members have equal rights and can have a voice in its management. The society supplies these things to the members and takes over their purchases for sale. The main purpose of such a society is to ensure a steady and favourable market for the output of its members. A SCIC must have at least three different categories of members, including users and employees. Service motive:The main aim of a co-operative society organization is to render service to the people. Essays, Research Papers and Articles on Business Management, Co-Operative Society and Company: Difference, Consumer Co-Operative Store and Proprietary Retails Shop, Essay on Co-Operative Society: Top 6 Essays | India | Organisation, Capital Structure of a Firm: Meaning, Essentials and Factors. Spirit of Self-Help 8. Open Membership 7. A cooperative society, also known as cooperation, is formed when a group of individuals comes together for a certain benefit. Service Motive 4. Such societies are particularly important in the case of countries like India , where agriculture suffers from excessive sub – division and fragmentation of land . Since then, the cooperative society have become widespread all over the world. Capital and Return Thereon: The capital is procured from its members in the form of share capital. The cooperative societies promote social justice and mutual cooperation. Prohibited Content 3. This surplus is not distributed according to capital contributions. The following are some of the features of a Co-operative Society 1. Once the society registered, the Society becomes a separate legal entity. It allows little farms to do what big farms can do, like buy inputs at bulk rates, increase volume to open new markets and lower the per-use cost of equipment. The management of co-operative society is based on democratic lines. A … Law, however, requires that at least one-fourth of the surplus should be kept as reserve in the society and upto 10 percent of the surplus should be spent for welfare of the members. The co-operative form of organisation is a democratic set-up run by its members to meet social and economic needs of people with a minimum marginal profit but maximum service to the members on the one hand and the community on the other. It represents an attempt by poor and weaker persons to protect themselves against the exploitation and oppression of the economically strong . These workers pay for their savings and loans from the source of their income. The characteristic features of co-operative form of organisation are as follows: 1. All important decisions are taken by majority. Content Filtration 6. A person can become a member at any time he likes and can leave the society by returning his shares without affecting its continuity. Voluntary Association 2. All of us agree that co-operation is good, useful, and essential, but when we translate the concept into action, … This animation introduces the learner to various features of a co-operative society, merits and limitations of a co-operative society. Thus cooperative society formed by a group of persons for their mutual economic assistance at any level of production and distribution. It is a common feature that co operative societies are registered with limited liability. It has a fairly stable life and continues to exist for a long period. Generally, the selfish motive of members starts dominating and they forget the service motive . Basic philosophy and principle of Co-operative organisation is that no one is for himself alone but that all are for each other. The members of these societies consist of people want residential accommodation at lower costs. This co-operative society which is established with the objectives to provide housing facilities to their members is called housing co-operative society. Account Disable 12. A Co-operative has Five (5) Basic Features. The cooperative organisation is formed by the people who have limited resources and there is no compulsion to buy more than one share by each member. Democratic Set-Up 3. Anybody having a common interest is free to join a cooperative society. Its objects to serve their members and not to maximize the profits. Business Management, Co-Operative Organisation, Features of Co-Operative Organisation. Co-operative organisation is basically a democratic organisation, in which all decisions are taken on democratic lines and principles. Wider-Interests of Community Looked after 9. 1. The capital of a society is raised from its members through the issue of shares. Meaning: -A Co-operative society is a voluntary association of people who come together on the basis of unity and equality to protect and promote their common economic interest. In all forms of organisations, the primary motive is to increase profits. Each member of the society has an equal right to vote and ownership. As it is a voluntary association, the membership is also voluntary. Promotion of Social Values. They promote self help, moral value among the members. 4. To form a co-operative society, there has to be a minimum number of 10 members. Content Guidelines 2. Service motive 2. Each member feels elevated when he works for himself and accomplishes the task allotted to him without any help from any outside agency. Religion, gender & caste do not matter in cooperative society. No matter what numbers of shares are held by a person, everyone is given only one vote. The Central government formed the Co-operative Societies Act in 1912 to lay down constitutional mandates for co-operatives. In cooperative organisation , there is no direct link between efforts and reward. Equal voting rights 6. Equal Voting Rights- A cooperative society is based on the principle of “one man one vote”. One basic feature which distinguishes a cooperative organisation from other three forms of business ownership is that the primary objective of a co-operative society is to render services to its members rather than to earn profits. The Co-operative Societies Act has given guidelines for the distribution of surplus. The SCIC - Société coopérative d'intérêt collective (co-operative society of collective interest) is a type of multi-stakeholder co-operative structure introduced in France in 1982. It provides goods or services to the members . It has its own common seal. A person can join cooperative society anytime or leave as per his desire. It is a voluntary association of persons. Any person with common interest can become a member. The cooperative society is compulsorily required to be registered under the Cooperative Societies Act 1912. Features of Cooperative Societies. There is no question of high or low and there is no weight-age either on the basis of caste, creed, education, sex or property. There is limited liability of the members of co-operative society. Thus, the term cooperation means working together. Spirit of Self-Help 8. Equal Rights. It is compulsory for the co-operative society to get registration. The profits made by the society during a year are utilized for strengthening the reserve fund of the society, for declaring a moderate rate of dividend and for declaring a bonus to members according to the purchases made by them from the cooperative store. Terms of Service 7. The term cooperation is derived from the Latin word ‘co-operari’, where the word “co” means ‘with’ and “operari” means ‘to work’. of Management, Agrabad Mohila College, Chittagong. Such Societies are organised by the consumers to avoid exploitation by the middleman and to ensure steady supply of consumer goods and services at fair prices. Cooperative housing societies are established to help people with limited income to construct houses or flats at reasonable costs. (Source: encryptedtbn0) 1. They do not have to bear personal liability for the debts of the society. The first cooperative society was said to be England consumer cooperative society created by weavers in 1844. In India the cooperative societies registered under Cooperative Societies Act 1912 or the state Cooperative Societies Act. There can be no use of force in it. Apart from the characteristics, discussed above, a co-operative society also exhibits the feature of education and training to its members with the purpose of developing co-operation into a well-organized movement. No Place for Middlemen 10. Bill to Amend Maharashtra Cooperative Societies Act of 1960 got passed and got gazzetted on 20.06.2019 Salient features of New Housing Chapter in MCS Act 1960. It was named the Society of Fair Pioneers of the Rochdale city. 5. The members who join the organisation can withdraw at any time, as and when they like. Each shareholder has one vote. It is a form of business organization . Co – operative farming makes it possible for members to use modern tools and equipments good seeds, fertilizer and irrigation facilities in order to achieve higher production. A co – operative society has a separate legal existence. A minimum of 10 members are required to form a cooperative society. In co-operative farming societies, small farmers join together and pool their resources for cultivating the land collectively. The body is elected through ‘one-man-one-vote-system’. This is most suitable for workers in one organization. An agricultural cooperative is also called as a farmers’ co-op. Before uploading and sharing your knowledge on this site, please read the following pages: 1. The following are some of the important principles of co-operative societies. 3. Usually the objective of the business is to exploit others and to earn maximum profit. Co-operative societies has to be compulsorily registered under the Co-operative Societies Act.. 4. They promote self help, moral value among the members. It is distributed according to the purchases made by the members in case of consumer co-operatives, and according to the goods delivered to the society for sale in case of producers co-operatives. The sale proceeds are distributed in proportion to the contribution of the members to the pool. Members can give their suggestions, opinions and problems. A guide to cooperative farming and it’s features. Cooperative society must be registered and operated following the Cooperative Act, 1940. It is not affected by the death , insolvency , lunacy or permanent incapacity of any of its members. Lack of Secrecy 1. Co-operative society is an organisation of rural india for betterment. Retailers' cooperatives use their purchasing power to acquire discounts from manufacturers and often share marketing expenses. It does not get affected by the entry or exit of its members. In other words the membership of a Co-operative society is voluntary i.e. These societies procure land from the government and construct flats or provide plots to members on which the members themselves can construct the houses as per their choice. The cooperative societies promote social justice and mutual cooperation. 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