Co-operative is a comprehensive social and economic movement having social service objective at its base. It preserves people from possible exploitation. It is registered under the cooperative committee Act, 1912.
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".
Characteristics of Co-operativeness:
1. Voluntary membership –
It is an independent universal organisation in which a person can join or leave the organization on a voluntary basis.
2. Legal Status –
Its registration is compulsory. The status of the committee is isolated. Any person of any religion or sex can be a member of a cooperative committee. Also, he can, at any time, leave by giving prior notice.
3. Limited Liability –
The liability of the members of the co-operative committee is limited up to their investment.
4. Control –
The complexion of the committee is democratic, its members select the committee through votes, which manages and controls the business.
5. Service Motive –
The objective of the cooperative committee is to help each other and serve mutual interest. Therefore, it includes a sense of service in its activities.
6. Equal Voting Rights –
It works democratically on the basis of “One person one Vote”. The capital invested has no effect on a person’s voting right, and one person can only vote for one time.
7. Separate legal entity –
A registered cooperative committee has a statutory identity. The committee works through its own name only. It is not affected by the incoming or outgoing of any member.
8. Mutual Cooperation –
The most important feature of Co-operative committee is that it works secularly by eliminating personal discords if any. Helping each other is the ethical duty of every member.
