Tue. Dec 5th, 2023

What are Co-operative Societies and how does it work?

5 years ago Sweksha Singh

Know about Co-operative Societies: Know about its Purpose 

What are Co-operative Societies?

Co-operative societies are a type of volunteer association as stated by Article 19, forming a co-operative society is a fundamental right along with Article 43-B which provides for the promotion of such societies.

What is the Purpose of Co-operative Societies?

The society works for a common goal, in the sense that it is a kind of business where individuals of the same class or same profession join their hands for promotion of their common goals. Its main purpose is to serve its members.

Constitutional Provisions

Right to form a co-operative society is a fundamental right as stated by Article 19. Similarly, 43B provides for the promotion of the companies and states that State shall endeavor to promote the voluntary formation, autonomous functioning, democratic control and professional management of co-operative societies.

Operating of the Model and Analysis of the situations of Cooperative in India

In India, being a developing country, Cooperatives are by default very prevalent. It can be said as the cooperatives being a cause as well as consequence of the rural development in India. Currently, there are more than 5 lakhs rural cooperatives existing in India. In today’s time, they occupy a large part of India’s rural economy in the sense of their membership, business turnover, and contribution to the socio-economic welfare of their members. Rural development of India depends tremendously on the success of the cooperative societies.

Let us analyze a few points about the cooperative societies –

Majority of the cooperatives in India are small scale enterprises and even the ones which are big today were small when started.

 Managers and secretary level officers are the head of the societies. They run under their leadership.

Rest of the members, other than they are responsible for the daily chores.

There is a lack of discipline and punctuality.

There is no proper sanitation and basic infrastructural aspects.

Working efficiency and standard the procedure is too below the normal level.

For the sake of electoral benefits, at times these cooperatives are overstaffed.

Due to the fact that skilled personals are underpaid efficiency goes down eventually.

Performance doesn’t decide the rewards.

Working conditions are very poor.

What are the types of Cooperative Society?

–          Producer Cooperative

–          Consumer Cooperative

–          Credit Unions

–          Marketing Cooperative Society

–          Housing Cooperative Society

What are the Features of Cooperative Society?

Being a voluntary association, membership is also voluntary. A person is free to join the society irrespective of color, region, caste, etc. He can even leave on his desire.

It is important for society to get register.

The liability of the member is limited to the capital he has invested in society.

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