Question

21. A Group of people in a locality of Delhi used to go for a walk in the morning. After the walk, they would
often sit together and discuss the subjects like Politics, Demonitisation, Elections, Market prices of
different goods, etc. There were about fifty persons in this group. One day, instead of other subjects,
their focus of discussion was ‘Market Prices of Different Goods'. During the discussion, the emphasis
laid on the point was that goods become very costly by the time they reach the consumers after getting
transported from the producers. Consequently, everyone's budget is getting disturbed. To get rid of this
problem some people suggested that they should join together to form a society. The society would sell
the goods to all the members as per their requirements after buying them in large quantity directly from
the producers. This suggestion was appreciated by all of them. They all become members of the society
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and encouraged other people also to become its members. In no time, 100 members assembled and society
was formed. The idea of forming the society immediately proved to be successful. Now their budget
became balanced. A special characteristic of this society was that apart from its members it also sold
goods to the other people of the society at cheaper rates. All of them were very happy with the formation
of the society.
a) Identify and explain the type of the society formed by them.
b) Under what Act, the society must have been formed?
c) What is the liability of the members of the society so formed?
(3)

Answer 1

Answer:

After the walk , they would often sit together and discuss the subjects like Politics , Demonetisation , Elections , Market prices of different goods , etc . There was about fifty persons in this group . One day , instead of other subjects, their focus of discussion was Market Prices of Different Goods .26-Nov-2020