A cooperative society is an organisation or body of people, with a common interest, who come together to protect their interest and utilise it to better the lot of its members by engaging in various economically viable ventures.
Features of Cooperative Societies
- It is owned by people who share a common interest.
- Ever member enjoys a voting right.
- There is minimum shareholding for every member.
- Each member has only one vote irrespective of the size of his shares.
- Profits/dividends are shared according to members’ patronage or contributions.