Understanding Cooperative Societies

The video introduces cooperative societies as a form of business organization driven by cooperation among members. It covers key features such as working together, common purpose, and voluntary association. The registration process is mandatory under the Cooperative Societies Act 1912. Membership is open to all, with capital raised from members. The video also highlights features like voluntary membership, limited liability, and control by an elected managing committee. The primary aim is service and welfare, not profit. Future videos will discuss merits and demerits.

What is the primary characteristic of a cooperative society?

• High entry barriers

• Government ownership

• Working together for a common purpose

• Individual profit maximization

In a cooperative society, what is the nature of membership?

• Based on financial contribution

• Restricted to family members

• Voluntary

• Compulsory

What is the main motive of a cooperative society?

• Technological advancement

• Market expansion

• Profit maximization

• Welfare of members

Under which act is the registration of a cooperative society mandatory?

• Societies Registration Act 1860

• Companies Act 1956

• Cooperative Societies Act 1912

• Partnership Act 1932

What is the minimum number of adult members required to form a cooperative society?

• 20

• 5

• 10

• 15

How is the initial capital for a cooperative society typically raised?

• Donations from the public

• Loans from banks

• Government grants

• Contributions from members

What is a key feature of membership in a cooperative society?

• Limited to local residents

• Based on political affiliation

• Open to all regardless of background

• Restricted to a specific religion

What legal status does a registered cooperative society obtain?

• Subsidiary of a corporation

• Partnership firm

• Separate legal entity

• Non-legal entity

What type of liability do members of a cooperative society have?

• No liability

• Unlimited liability

• Limited liability

• Joint liability

Who is responsible for decision-making in a cooperative society?

• The government

• External consultants

• Elected managing committee

• All members equally