what do you understand by cooperative society
Answers
A cooperative society is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise".
A Co-operative society in India can be described as the association of persons coming together voluntarily for a specific purpose of the same territory. Therefore, voluntarily some like-minded persons form a society to fulfill their economic, social and cultural needs. It is an autonomous body and self-help organization controlled by their members who actively participate in setting their principles and making decisions solely for the interest of the members of the society. To form a co-operative society there must be the consent of at least 10 members with equal voting rights or power.