A cooperative society is an organization that is owned and controlled by the people to meet their common economic, social, and/or cultural needs and aspirations through a jointly owned and democratically-controlled enterprise. It is a form of business organization that is formed with the objective of helping the society members. Here are some key features of a cooperative society:
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Voluntary and Open Membership: Cooperatives are voluntary organizations, open to all persons able to use their services and willing to accept the responsibilities and meet the requirements of membership, without gender, social, racial, political or religious discrimination.
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Democratic Member Control: Cooperatives are democratic organizations controlled by their members, who actively participate in setting their policies and making decisions.
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Member Economic Participation: Members contribute equitably to, and democratically control, the capital of their cooperative.
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Autonomy and Independence: Cooperatives are autonomous, self-help organizations controlled by their members.
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Education, Training, and Information: Cooperatives provide education and training for their members, elected representatives, managers, and employees so they can contribute to the development of their cooperatives. They inform the general public about the nature and benefits of cooperatives.
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Cooperation among Cooperatives: Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional, and international cooperative federations.
Cooperative societies are organized to improve bargaining power, reduce costs, obtain products or services otherwise unavailable, expand new and existing market opportunities, improve product or service quality, or increase income. They can provide a wide range of services, including insurance, credit, health care, housing, telephone, electrical, transportation, child care, and utility services. There are different types of cooperative societies, such as producers cooperative, consumer cooperative, credit cooperative, and housing cooperative.
