Characteristics of Cooperative Society. Nobody joins a cooperative society to earn profit. Membership. Since then, the cooperative society have become widespread all over the world. Separate Legal Entity In this agricultural practices were conducted by individuals on their holdings jointly with certain common agencies. There cannot be any compulsion in this regard. cooperative. Unity 2. Cooperation 4. The member can join and leave society as per their wishes. Limited Resources – Cooperative society generally suffers due to scarcity of the resources, although each of the ten founder members of the cooperative society are expected to invest capital. Welfare Main Objective :-Its main objective is to provide goods and services to its members at lower price. A person who has a common interest with the rest of the members of the society can join the society any time and leave it whenever he or she wants to. Cooperative society definition at Dictionary.com, a free online dictionary with pronunciation, synonyms and translation. A cooperative society is a voluntary association of persons of moderate means, who unite together to protect and promote their common economic interests. Honesty 5. Features of Cooperative Society 1. A person is free to join a cooperative society, and is free to leave anytime as per his desire. A Co-operative Society can be formed as per the provisions of the Co-operative Societies Act, 1912. Formation: It is formed under Cooperative Societies Act, 1912 or other State Co-operative Acts. Difference # Co-Operative Society: 1. n. an association of individual businesses, farmers, ranchers, or manufacturers with similar interests, intending to cooperate in marketing, shipping and related activities (sometimes under a single brand name) to sell their products efficiently, and then share the profits based on the production, capital or effort of each. The consumers join together and manage the business and the profit thus earned is retained among themselves in the proportion of their contribution. Membership is open on the basis of caste, color or sex, religion. Meaning, Features and Advantages of Consumer’s Co-Operative store. It was named the Society of Fair Pioneers of the Rochdale city. There are many different types of cooperative societies. A cooperative society is a business organization and operated by a group of individuals for their mutual benefit. Features: Service motive 7. There is no maximum limit of its members. The first cooperative society was said to be England consumer cooperative society created by weavers in 1844. Economy :-The member of the society … Answer: A cooperative society is a voluntary association of persons of moderate means, who unite together to protect and promote their common economic interests. Meaning Of Co-operative Society. Co-operative societies are classified into different types according to the services rendered by them. Voluntary association 3. Their basic objective is to eliminate middlemen. PRESENTED BY:- INDU BHUSHAN PRASAD(52) 2. Members of the society should trust each other and work like a team. Sources of finance 5. Cooperative society definition: a commercial enterprise owned and managed by and for the benefit of customers or workers | Meaning, pronunciation, translations and examples 9. Definition A cooperative is defined as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Self-help through mutual cooperation 9. But a member is required to serve a notice before leaving the society. Meaning: A consumer co-operative is a retail business which is owned by the consumers themselves. 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