Which of the following statements about co-operative societies are true or
false?
i. Any competent person can become a member of a cooperative society, at
any time.
ii. The liability of the members is limited.
iii. It can exist for a long time due to a legal entity separate from its
members.
iv. The society is managed by one person only.
v. The Co-operative Societies are formed to provide service rather than
maximizing profit.
vi. Co-operative Societies are formed to provide service rather than maximizing
profit.
vii. Professional managers do not prefer to work in co-operative societies
because they do not get adequate remuneration.
viii. The success of a cooperative society depends on the loyalty of its
members, something that is neither assured nor can be enforced.
Answers
Let us discuss all the possible cases as mentioned in the question.
The first sentence is true as any person who is competent to serve others can be a part of cooperative societies at any time.
The second case is false in ordinary situations as anyone can join a cooperative society.
The third sentence is true because it receives the consent of other bodies and this is aligned by the service provided by each of the group members.
The fourth sentence is false as cooperative societies may be headed by a head by it consists of many people who form a group.
The fifth and sixth sentences are absolutely true as the basic objective of the societies is to work work welfare and service of others other than for any profit.
Some professional people do not like to join this as they ate interested in gaining profits beyond working for others's welfare so the seventh sentence is true.
The eighth sentence is even true as it completely depends upon the members on how the society would work.
Answer:
Any competent person can become a member of a cooperative society, at
any time