Write short note on 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.
A cooperative society is generally formed to represent the interests of the weaker sections and provide them help financially.
Its various features are inclusive of the following:
1. Voluntary organization.
2. Separate legal entity.
3. Freedom from the effects of entry and exit of members.
4. Limited liability of the members(up to the capital contributed)
5. An elected managing committee is responsible for decision making.
6. The principle of social welfare is of utmost priority.