These are voluntary organisations of the people who have come together for common benefits.
According to M.T. Harrick –
“Cooperation is an action of persons voluntarily united for utilising reciprocally their own abilities, resources, or both, under mutual management, for their common profits or losses.”
According to the Indian Cooperative Societies Act 1912 schedule 4(c) –
“Society is one which has its objective as the promotion of the economic interest of its members in accordance with cooperative principles.”
