A co-operative society is often a voluntary association of individuals who come together with the intention to work together and to promote their economic interest. These societies work on the principle of self-help as well as mutual help. The primary goal is to provide support to the members. Nobody leaves a co-operative society without earning a profit. People of the same interest come forward as a group, pool their resources, utilize these resources in the best possible manner and derive a common benefit out of it. It is an association of persons who voluntarily share their resources for using them for the mutual welfare of its members itself. A co-operative society is formed for the promotion of thrift, self-help and mutual assistance of the members.
Objectives of Co-operative Societies
Promotion of cooperative movement.
To encourage and promote the growth of co-operative societies.
Render services, not for profit.
Mutual help, not competition.
Self-help, not dependence.
An individual competent to contract, attained majority and is of sound mind and belongs to a class of persons if any for whom the society is formed as per its bye-laws.
A society registered or deemed to be so under the Co-operative Societies Act.
The Central Government and any State Government, or the Government of a Union Territory
Types of Co-operative societies
Agricultural Marketing Society
Laws Regulating Co-operative Societies
State Co-operative Societies Acts of individual states.
Multi-State Co-operative Societies Act, 2002 for the Multi-State Co-operative Societies with an area of operation in more than one state.
Minimum number of members is 10
PAN of all the members
Aadhaar Card of all the members
Valid Residential proof of all the members via Bank Statement, Driving License, Aadhaar Card, Utility Bill and Passport