COOPERATIVE SOCIETY
CONTENT
- Definition of Cooperative Society
- Formation of a Cooperative Society
- Characteristics of Cooperative Societies
- History of Cooperative Movements
Definition of Cooperative Society
Cooperative society is a voluntary organization in which individuals, traders and businessmen with common interest pool their resources together to promote the welfare interest of their members. It is controlled by the members.
Formation of a Cooperative Society
A cooperative society is recognized in law as a legal person. It can own property, enter into contract, as well as sue and can be sued. Therefore a cooperative society must be registered before it begins operation.
A cooperative society is formed by a group of persons not less than ten (10).
The cooperative society must have a by-law which must contain the rules and regulations of the society.
The society must show evidence of being able to sustain itself.
The cooperative society must keep certain books and records necessary for the running of the society.
Application form stating the particulars of the society must be obtained and submitted.
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Halima Ahmadu