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A cooperative society is formed with the main objective to serve the people and develop the economic condition within society.
A cooperative society, also known as cooperation, is formed when a group of individuals comes together for a certain benefit.
A group of people that decide to form a co-operative society in India must register under the Cooperative Society Act, 1912.
The purpose behind a cooperative society is to provide goods and services to the consumers at a reasonable cost with the aim to encourage them towards productivity, savings, investments and equal distribution of surplus.
People come together, pool all the available resources, and utilize these resources to achieve goals. The main object of Society is to serve society and not to earn a profit. A society delivers and supports activities such as art, education, poverty relief, culture, religion, and sports. A foreigner can also become a member of a cooperative society.
It is a legal entity that requires individuals to register as members for one or more residential buildings. A person becomes a member after buying shares from the housing society.
Agricultural cooperative society – The main objective of an agricultural cooperative society is to promote and process farm products and for optimum purchase and production of the products.
A cooperative society is a special type of business organization. It’s a voluntary association of a person who comes together to achieve the goal. Where there is no desire to earn a profit. It is for the betterment of society.
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