COOPERATIVE SOCIETIES

CONTENT

1. Types of Cooperative Societies
2. Advantages and Disadvantages of Cooperative Societies
3. Problems of Cooperative Societies

Types of Cooperative Societies

The following are types of cooperative societies formed in Nigeria:

1. Consumers’ cooperative societies.
2. Producers’ cooperative societies
3. Wholesalers’ cooperative societies
4. Retailers’ cooperative societies
5. Thrift and credit societies
6. Multi-purpose cooperative societies

Consumer’s Cooperative Societies

This is owned and operated by a group of ultimate consumers who pull their resources together to purchase goods and services in large quantities and distribute primarily to its members

Features/Characteristics/Functions of Consumers’ Cooperative Societies

(i) They are made up of consumers

(ii) They protect themselves against exorbitant price of sellers

(iii) They buy in large quantity and distribute to members in small quantity

(iv) The surplus is distributed to members in proportion to patronage

(v) They settle dispute among members

(vi) There is open membership

(vii) Limited interest is paid on capital invested.