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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.
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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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