Cooperative Society — Flashcards

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A cooperative society is a voluntary association of persons who join on an equal basis to promote their common economic interests through self-help and mutual help. Its main aim is service to members,…

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The main objective is a service motive. It works to help members meet common needs such as cheaper goods, fair prices, or better services. Profit can happen, but it is secondary.

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The guiding principles are: 'Each for all and all for each' and 'self-help through mutual aid.' These show that members work together for the benefit of everyone in the group.

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The cooperative movement arose because the Industrial Revolution created economic and social imbalances. Capitalists often exploited labour and weaker sections, so people joined together to protect th…

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Voluntary association means anyone with a common interest may join freely and may leave after proper notice. Nobody is forced to become a member or continue as a member.

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It means every member gets one vote, no matter how many shares he or she holds. This keeps the society democratic and prevents rich members from controlling it.

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After registration, a cooperative society becomes a body corporate with a separate legal identity. It can own property, make contracts, and continue even if members change.

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Service motive means the society mainly exists to serve its members. Its motto is 'each for all and all for each.' Profit is only incidental to this aim.