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
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:
List of common documents to be submitted by all types of society
- Form A in quadruplicate signed and verifies by 90% of the promoters.
- List of promoters and members.
- Bank certificate.
- Detailed explanation about the activities and action of society.
- Four copies of proposed bye-laws of the society.
- Proof of payment done of registration charges.
- 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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