CBSE Class 12-commerce Answered
co-operation features
Asked by arshiyasiddiqa321 | 10 Sep, 2023, 10:07: PM
Expert Answer
Following are the features of cooperative societies:
- A person is free to join and leave a cooperative society as per his/her desire. There can not be any compulsion for the person to join or quit a society. Membership is open to all, irrespective of their religion, cast and gender.
- Registration of a cooperative society is compulsory under the cooperative societies Act 1912. All the activities of organisation are to be according to provisions of this Act.
- After registration, the identity of a cooperative society is separate from its members. The society can enter into contracts and hold property in its own name sued and be sued by others.
- The liability of members of a cooperative society is limited to the extent of the amount contributed by them as capital.
- The cooperative society through its purpose lays emphasis on the values of mutual help and welfare. Hence the motive of service dominates its working.
Answered by Sheetal Kolte | 11 Sep, 2023, 10:13: AM
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Asked by arshiyasiddiqa321 | 10 Sep, 2023, 10:07: PM
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