what is cooperative society
EXPLAIN ITS
● Features
● merits
● limitations
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Answers
Answer:
A co-operative society is a voluntary association of individuals having common needs who join hands for the achievement of common economic interest. Its aim is to serve the interest of the poorer sections of society through the principle of self-help and mutual help. ... Cooperative Societies Act is a Central Act.
Features of a Cooperative Society – Voluntary Association, Separate Legal Entity, Control, Service Motive and Distribution of Surplus
Voluntary Association: A cooperative society is a voluntary association. ...
Separate Legal Entity: ...
Limited Liability: ...
Control: ...
Service Motive: ...
Distribution of Surplus:
Advantages of Cooperative Societies
Voluntary organization. The membership of a cooperative society is open to all. ...
Ease of formation. ...
Democracy. ...
Equitable distribution of surplus. ...
Limited liability. ...
Stable existence. ...
Each for all and all for each. ...
Greater identity of interests.
Some of the limitations faced by co-operative organizations in India are as follows!
Limitations of capital: ...
Inefficient management: ...
Lack of unity and cohesion: ...
Limitations of size: ...
Inadequate motivation: ...
Delays in decision-making and decision-implementing: ...
Excessive government interference and lack of secrecy:
Explanation:
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