Co-operative Society

A Co-operative society is a universal concept who represents almost all the sectors including education, agriculture, food, finance, healthcare, and etcetera.

A Co-operative society is a volunteer association of people who works to guard interest of vulnerable sectors of people with weaker sections. The mere motive of a Co-operative society is to give hands in welfare of the members.

A Co-operative society is a form of business organization which has a unique feature of joint venture and democratic leadership

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    CHARACTERISTICS OF A CO-OPERATIVE SOCIETY

    • Membership in a co-operative society is completely voluntarily; anyone is free to join or leave anytime and has no bias interest with gender, religion or caste. Membership is open to all.
    • Registration of a co-operative society is mandatory. A Co-operative society has a separate legal identity in the society.
    • If a member chooses to enter or exit the society, it does not impact the society.
    • A co-operative society has limited liability.
    • Only an authorised person can take decisions and it works on the basis of election where members vote and than a managing committee is set who runs the co-operative society.
    • A co-operative society’s motive should not shift from the welfare and development of the members. If any surplus is generated, it is divided amongst the members as a dividend.

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    TYPES OF CO-OPERATIE SOCIETY

    There 5 types of co-operative societies:

    DOCUMENTS CHECK-LIST:

    List of common documents to be submitted by all types of society

    1. Form A in quadruplicate signed and verifies by 90% of the promoters.
    2. List of promoters and members.
    3. Bank certificate.
    4. Detailed explanation about the activities and action of society.
    5. Four copies of proposed bye-laws of the society.
    6. Proof of payment done of registration charges.
    7. Other documents later asked if needed such as affidavits, indemnity bond, or other affiliated documents asked by the registrar have to be submitted.

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