CO OPERATIVE SOCIETY PRINCIPLES
Page 1 BY WEBSOFTEX SOFTWARES
LEGAL STATUS A co-operative Society could be a body company registered below the applicable state Act with perpetual succession having a typical seal.
It will acquire, hold and eliminate properties, enter into contracts and it will ask and it will be asked. Page 2
VOLUNTARY ASSOCIATION Co-operative Society is basically a company or Associate in Nursing association of persons United Nations agency have return together for the common purpose of economic development or for mutual facilitate.
Page 3
SELF HELP AND MUTUAL HELP The Co-operative societies workplace bearers/executive committee is elective as per democratic election procedure. The Co-operative Society operate below the principle of self facilitate and mutual facilitate that means every can facilitate for themselves and every one can facilitate others. Page 4
DEMOCRATIC CONTROLS
The management of a Co-operative enterprise in not within the hands of capitalists World Health Organization will corner the share capital and management the interest in any enterprise which might be a non-public enterprise.
Page 5
WEBSOFETX ACADEMY
Page 6
EQUALITY
In co-operative Sector, the principle of “ One man one Vote “ is provided within the statute therefore on guarantee that the capital doesn't dominate the administration of cooperative Society.
Page 7
OPEN MEMBERSHIP
Any person will apply for the membership of the Society with none discrimination. The membership is open for all.
Page 8
SOCIAL APPROACH / NO PROFIT MOTIVE As the Society is functioning on democratic principle and therefore the workplace bearers of the Society are going to be functioning sort of a trustees for the higher management of the society and there's no separate edges to the executive committee members. Service is that the main slogan and therefore the profit isn't the most concern in co-operative societies. Page 9
PROFITS AND RETURNS Co-operative Society is Associate in Nursing association of members and bound proportion profits attained by the society, as set within the meeting of the final body are going to be distributed within the type of dividend to the members.
Page 10
INTEREST ON SHARES Irrespective of the holding, every member has only 1 pick out the decision-making within the General body meeting or at the time of election of the committee for management.
The shares don't seem to be listed in the securities market. The State Co-op. Act conjointly prescribes the utmost quantity, that a member will hold as a share capital in any society. Page 11
INTEREST ON SHARES Under M.C.S. Act, 1960 as per Section twenty eight apart from Government or different society, shall not hold a lot of than 1/5 of the full capital or interest in shares or extraordinary Rs. 20,000/that the authorities power to alter by manner of notification.
Page 12
PARTICIPATION OF MEMBERS The shareholders need to in person attend the meeting or for selection. they're not allowed to appoint proxies for attending the final body or for selection within the resolution to be passed.
Page 13
EDUCATIONS AND CO-OPERATION
Every society has got to contribute towards the education fund maintained and sorted by the district co-operative education Board as per the notification issued from time to time for educating the members or the workplace bearers of the Society.
Page 14
Page 15