Question

Define co-operative as per the Indian Co-operative Societies Act, 1912?

Answer 1

The Indian Co-operative Societies Act, 1912:

Co-operative is an association of person usually of limited means, who have voluntarily joined together to achieve a common economic, end through the formation of a democratically controlled business organization, making an equitable contribution to the capital required and accepting a fair share of risks and benefits of the undertaking.