3. 9. Community goes as far as a worldwide reach, and cooperatives should think and act on both a local and global level. Hence, the principal of service dominates its working. Forming these networks allows co-ops and their collaborators to gain a mutual benefit from one another, rather than to compete against one another for profit, like non-cooperative businesses. Continual member training helps cooperatives develop, advance and adapt to new technologies, helping them become better business entities. 1. Procurement of products is done directly from the producers, which removes the middlemen, thereby generating more profit for the producers and consumers. There are six main cooperative values: In addition to the main cooperative values, there is also a set of ethical values. What are the Advantages and Disadvantages of Cooperative Society? Each and every member should have the mentality to work together to serve their own interest. Procurement of products is done directly from the producers, which removes the middlemen, thereby generating more profit for the producers and consumers. The organization needs to be self-sustaining for each member to be able to exercise his or her freedoms within the structure. Membership in a cooperative is open to all people who can reasonably use its services and stand willing to accept the responsibilities of membership, regardless of race, religion, gender, or economic circumstances. 1. To protect the interest of small producers, these societies are set up. Co-operation: Members help each other. They contribute to the sustainable development of their communities by sourcing and investing locally. Honesty: For the development of the organization every member should be sincere and honest. Members can work towards approving policies that consider the community at large. This benefits members in proportion to the business they conduct with the cooperative rather thanon the capital invested. Rather than earning a pecuniary profit, their aim is towards providing service to the consumers. The cooperative society is a different type of organization. When making business deals or raising money, co-ops never compromise their autonomy or democratic member control. 0000030271 00000 n
5. Cooperatives trace the roots of these principles to the first modern cooperative founded in Rochdale, England in 1844. In this case, they may not describe themselves as volunteers. A person belonging to the same group, which is forming the society, may or may not join the society. Equal right of votes: It is the sign of equality in the cooperative society. Co-operatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of their co-operatives. %PDF-1.7
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NCUI Campus, 3, August Kranti Marg, Siri Institutional Area, Hauz Khas, New Delhi, 110016. If they are well versed in the co-ops policies, regulations, values and principles, theyll all be able to contribute more effectively to its development. [5]. A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. At least part of that capital is usually the common property of the co-operative.[2] This enshrines democratic control over the co-operative, and how its capital is used. Stability: Stability is essential for the cooperative society and the betterment of the members and society. a )@jb$ It identifies the cooperative as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Each cooperative principle helps to break down this idea into several standards that the organization should integrate into its practices. So the cooperative society should maintain peace and discipline in all area of operations. [CDATA[/* >