Co-operative Society and its types Video Lecture - Class 11

Ans. A co-operative society is a voluntary association of individuals who come together to work towards their common economic, social, and cultural interests. It is formed on the principles of self-help, mutual assistance, and democratic control. Members of a co-operative society pool their resources and efforts to promote their collective well-being.

Ans. There are various types of co-operative societies, including: 1. Consumer Co-operative Society: This type of society is formed by consumers to procure goods and services at fair prices and distribute them among the members. 2. Producer Co-operative Society: It is formed by producers who join together to produce, process, and market their products collectively. 3. Marketing Co-operative Society: These societies are established by small-scale producers to collectively market their products and eliminate middlemen. 4. Housing Co-operative Society: This type of society is formed by individuals to pool their resources and construct houses or provide housing facilities to the members. 5. Credit Co-operative Society: It provides financial assistance to its members by accepting deposits and granting loans at reasonable interest rates.

Ans. The key principles of a co-operative society are as follows: 1. Voluntary and Open Membership: Membership in a co-operative society is open to all who can use its services and are willing to accept the responsibilities of membership. 2. Democratic Member Control: Members of a co-operative society have equal voting rights and participate in the decision-making process on a democratic basis. 3. Member Economic Participation: Members contribute equitably to the capital of the society and share in the surplus generated by its activities. 4. Autonomy and Independence: Co-operative societies are autonomous, self-governing organizations controlled by their members. 5. Education, Training, and Information: Co-operative societies provide education and training to their members, enabling them to actively participate in the affairs of the society. 6. Cooperation among Cooperatives: Co-operative societies work together in a spirit of mutual cooperation and collaboration to strengthen the co-operative movement. 7. Concern for Community: Co-operative societies work for the sustainable development of their communities by promoting their economic and social well-being.

Ans. Co-operative societies differ from other business organizations in the following ways: 1. Voluntary Association: Co-operative societies are formed voluntarily by individuals who come together to meet their common needs and aspirations. Other business organizations are usually formed with profit as the primary objective. 2. Democratic Control: In a co-operative society, every member has an equal say in the decision-making process, regardless of the capital contributed. In other business organizations, decision-making is often concentrated in the hands of a few shareholders or directors. 3. Limited Profit Motive: Co-operative societies aim to provide goods and services to their members at reasonable prices, rather than maximizing profits. Other business organizations focus on maximizing profits for the shareholders. 4. Distribution of Surplus: In a co-operative society, surpluses generated are distributed among the members based on their participation, not on the capital invested. Other business organizations distribute profits based on the shareholding. 5. Social Objectives: Co-operative societies have social objectives, such as the well-being of their members and the community, in addition to economic objectives. Other business organizations primarily focus on economic objectives.

Ans. To become a member of a co-operative society, one needs to follow the following steps: 1. Identify the Society: Choose the type of co-operative society that aligns with your interests or needs, such as a consumer co-operative, producer co-operative, or credit co-operative. 2. Meet the Eligibility Criteria: Check the eligibility criteria set by the society, such as age, occupation, or residence, to ensure you qualify for membership. 3. Obtain Membership Application Form: Obtain the membership application form from the society's office or website. Fill in all the required details accurately. 4. Pay Membership Fees: Pay the prescribed membership fees along with any additional share capital required by the society. 5. Submit Application: Submit the completed application form along with the necessary documents and fees to the society's office. 6. Approval Process: The society's management or governing body will review your application and decide on your membership. If approved, you will receive a membership certificate or a confirmation letter. 7. Enjoy Membership Benefits: Once you become a member, you can actively participate in the affairs of the society, avail its services, and enjoy the benefits offered to the members.