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Cooperative Society Definition9/4/2020
A co-opérative society is forméd mainly to saféguard the welfare óf its members ánd to protect thé members from ány form of expIoitation by middlemen.A person whó has a cómmon interest with thé rest of thé members of thé society can jóin the society ány time and Ieave it whenever hé or she wánts to.For example, although Mr.Brown has purchaséd hundreds of sharés in the có-operative society ánd Mr.
Brown more power or right in the association than Mr. Black. They bóth possess equal powér, rights and authórity. Any time décisions are to bé made, members voté and the majórity carries the dáy just like ány other democratic sociéty or organization. The committee mémbers of a có-operative society aré elected to thát position during AnnuaI General Meetings. This spirit heIps the co-opérative society to achiéve its objectives. The dividends aré shared equally amóng members based ón the volume óf shares each mémber has.
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