State the features of co-operative society.
Answers
A co-operative society is entirely different from all other forms of business organization. It protects the interests of the weaker sections of the society. It is a voluntary association of persons joined together on the basis of equality for fulfillment of their economic and business interests.
The features are:
1. It is a democratic form so it is always managed and also controlled by a group of a committee called the managing committee.
2. All the members in a firm can vote by their own wish in any decision making in the firm, no matter how much they have contributed or their value of shares.
3. They run by an independent legal status which means that they can have properties by their names.
4. The members can join at any time and can withdraw at any aspect, however, their share and investment matters.
5. This system must, however, run by the rules and regulations of state government.