{"id":10208,"date":"2020-04-25T15:46:32","date_gmt":"2020-04-25T10:16:32","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=10208"},"modified":"2020-04-25T15:46:35","modified_gmt":"2020-04-25T10:16:35","slug":"the-objectives-of-cooperative-society","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/the-objectives-of-cooperative-society\/","title":{"rendered":"The Objectives of Cooperative Society"},"content":{"rendered":"\n<p class=\"has-drop-cap\">When people with a mutual social, cultural, and economic interests join together to form an establishment, it is known as Cooperative Society. The fundamental objective of a <strong><a href=\"https:\/\/swaritadvisors.com\/multi-state-co-operative-society-registration\">Cooperative Society<\/a><\/strong> is to promote self-help and mutual help. The foundation of Cooperative Societies lies on the voluntarism and follows the philosophy of \u201cAll for each and each for all.\u201d It implies that each member of the society voluntarily becomes the member and is not confined by any social, religious or political discrimination. Besides, anyone who meets the prescribed qualifications by the Cooperative\u2019s By-laws can be a member of the society. A Cooperative Society was set up under the Cooperative Societies Act, 1912. This blog will underline the aim and objectives of the Cooperative Society.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3071483921e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3071483921e\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/the-objectives-of-cooperative-society\/#Key_features_of_a_Cooperative_Society\" title=\"Key features of a Cooperative Society\">Key features of a Cooperative Society<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/the-objectives-of-cooperative-society\/#Aims_and_Objectives_of_the_Cooperative_Society\" title=\"Aims and Objectives of the Cooperative Society \">Aims and Objectives of the Cooperative Society <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/the-objectives-of-cooperative-society\/#Different_types_of_Cooperative_Societies_in_India\" title=\"Different types of Cooperative Societies in India\">Different types of Cooperative Societies in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/the-objectives-of-cooperative-society\/#Procedure_of_Cooperative_Society_Registration\" title=\"Procedure of Cooperative Society Registration\">Procedure of Cooperative Society Registration<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/the-objectives-of-cooperative-society\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_features_of_a_Cooperative_Society\"><\/span>Key features of a Cooperative Society<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Let\u2019s look at the essential aspects of\nCooperative Societies for a better understanding:<\/p>\n\n\n\n<ul><li><strong>Voluntary Membership<\/strong>: It is the core principle\nof cooperation. An individual who posses common interest and abides by the set\nrules of a society has the right to be its member. Moreover, it\u2019s in the hands\nof the members to either continue or leave the society. Apart from being\nvoluntary, the membership of a Cooperative Society is open to all people\nirrespective of their caste, race, colour, or creed.<\/li><li><strong>Sources of Finances<\/strong>: All the members of a\nCooperative Society contribute to finances through the purchase of shares. Generally,\nthe accumulated funds are insufficient as the majority of members belong to weaker\nsections of the society. Also, there is a cap on the maximum shares which a\nmember can purchase in the Cooperative Society. Hence, the Government provides financial\nsupport to the societies in the form of loans from the Central or Central\nCo-operative Banks.<\/li><li><strong>Purpose of the\nCooperation-<\/strong> The central objectives of the Cooperative Society is to render useful\nservices from credit to consumption goods and d input resources to its members\nas well as to the society. A Cooperative Society does not emphasize profits\nmaximization at the cost of others. So the chief motive of the cooperation\nremains serving to its members and society.<\/li><li><strong>Democratic Control<\/strong>&#8211; Cooperative Societies\nare democratic in action. Cooperation conducts an AGM (Annual General Meeting)\neach year in which a managing committee gets elected by all the members that shall\nmanage the affairs of the society.<\/li><li><strong>Separate Legal Entity- <\/strong>A Cooperative Society is\ncompelled to register itself under the Cooperative Societies Act, 1912. Once\nregistered, the society becomes a separate legal entity, which means its existence\nis different from its members.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aims_and_Objectives_of_the_Cooperative_Society\"><\/span>Aims and Objectives of the Cooperative Society <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nprimary motto of any Cooperative Society is to refine the economic condition of\nits members. Thereby, it accentuates on better business and better living by\ncarrying out operations that serve to the common economic interest and benefits\nto the members. Following are the objectives of cooperation: <\/p>\n\n\n\n<ul><li>To develop cooperation, self-respect,\nand self-reliance amongst the members.<\/li><li>To buy and produce quality goods,\ntools, equipments, and raw materials to the end customers.<\/li><li>To associate with Government and other organizations of\nsimilar business.<\/li><li>To undertake those activities that caters to the welfare and\nwell-being of the members and society.<\/li><li>To promote unity amidst the\nmembers and remove any sort of internal competition.<\/li><li>To practice transparent and fair\nbusiness dealings.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Different_types_of_Cooperative_Societies_in_India\"><\/span>Different types of Cooperative Societies in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>There are various types of cooperative societies based on their unique objectives, such as:<\/em><\/p>\n\n\n\n<ul><li><strong>Consumer Cooperative Society<\/strong> &#8211; As the name suggests, the Consumer Cooperative ensures to protect the interest of consumers. After Consumer  Cooperative Society Registration, its members focus on enabling reasonable goods to the consumers. Such societies directly buys good from manufacturers and supply them to consumers, thus eliminates the role of middleman in distribution.      <\/li><\/ul>\n\n\n\n<ul><li><strong>Producer Cooperative Society<\/strong> &#8211; The Producer Cooperative is created to safeguard the interest of small scale producers. The objective of this  Cooperative Society is to facilitate the essential items to producers like machinery, raw material, equipment, etc.<\/li><\/ul>\n\n\n\n<ul><li><strong>Marketing Cooperative Society<\/strong> &#8211; When small scale producers  and manufacturers struggle in selling their products individually, they come together to form a Cooperative Marketing Society. The society collects the products from each member and initiates to sell those products in the market.<\/li><\/ul>\n\n\n\n<ul><li><strong>Credit Cooperative Society<\/strong> &#8211; The Credit Cooperatives has the objective of providing financial support to the members. The Credit Society accepts deposits from its members and grants them loans at reasonable interest, when needed.<\/li><\/ul>\n\n\n\n<ul><li><strong>Housing Cooperative Society<\/strong> &#8211; Housing Cooperatives purchases land, construct houses\/flats and allot the same to its members. Some housing societies also offer credit or loan facilities to the members at a lower rate of interest to members to build their own houses.<\/li><\/ul>\n\n\n\n<ul><li><strong>Farming Cooperative<\/strong> &#8211; The Agricultural Cooperative or Farming Cooperative Society is formed by small farmers who voluntarily work together and yield the benefits of large scale farming.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_of_Cooperative_Society_Registration\"><\/span>Procedure of Cooperative Society Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you want to achieve the objectives of Cooperative Society, then it is indispensable to register your society under the Cooperative Society Act, 1912. Follow these <strong><a href=\"https:\/\/swaritadvisors.com\/learning\/co-operative-society-registration\/\">steps for society registration<\/a><\/strong>:<\/p>\n\n\n\n<ul><li>Firstly, you need to meet the requirement of minimum 10 Individuals who intends to form a society for mutual benefit.<\/li><li>All the members will convene AGM to establish a provisional committee and elect a chief promoter for the society.<\/li><li>The chief promoter and members will then mutually select the name of the society.<\/li><li>The next step is to file an application to the registration authority, elaborating on the business operation of the proposed society and submit it along with the documents. If the concerned authority confirms the application, it will issue a certificate of name approval.<\/li><li>After obtaining the name approval, collect the prescribed registration fees and share capital amount from each prospective member.<\/li><li>Open a spate bank account in the name of your Cooperative Society. Thereby deposit the collected registration fees and share capital amount in that bank account so that the bank shall issue a certificate for the same.<\/li><li>Now the chief promoter should apply for Society Registration in Form No. affixed with all the necessary documents. It is of utmost importance to get the <strong>consent of 90% of prospective members<\/strong>.<\/li><li>Thereafter, the Registrar will verify the authenticity of the documents and if satisfied, you will get the Registration Certificate. However, in case of any discrepancy in the application, it must be resent for rectification.<\/li><li>Further, the Registrar will issue a receipt for the submission of application using which you can check the status of your application from time to time.<\/li><li>\u00a0Registrar shall enter all the details of your newly formed Cooperative Society in the register. <\/li><\/ul>\n\n\n\n<p>The\nregistering authority after being fully satisfied, will notify Society\nRegistration in the official gazette and issue a registration certificate to\nyou.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you also have an urge to run a\nnon-profit organization, then Cooperative Society is the most suitable business\nmodel for you. Accomplish all the objectives of the Cooperative Society by\nregistering under the Cooperative Society Act with the assistance of Swarit\nexperts. <\/p>\n\n\n\n<div class=\"read\"><p><b>Read, Also:<\/b> <mark><a href=\"https:\/\/swaritadvisors.com\/learning\/co-operative-society-registration\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Register as a co-operative society?<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>When people with a mutual social, cultural, and economic interests join together to form an establishment, it is known as Cooperative Society. The fundamental objective of a Cooperative Society is to promote self-help and mutual help. The foundation of Cooperative Societies lies on the voluntarism and follows the philosophy of \u201cAll for each and each [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":10211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[544],"tags":[99,606],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/10208"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=10208"}],"version-history":[{"count":11,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/10208\/revisions"}],"predecessor-version":[{"id":10221,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/10208\/revisions\/10221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/10211"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=10208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=10208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=10208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}