A cooperative society is said to be the pulling together of many individuals or organizations resources voluntarily together for the achievement of a particular goal or aim and to take to the extreme the
economical welfares of their member, this is that as the word symbolizes, there is always coherent in idea of people or circle you’re dealing with as being belong to a certain community .
Welfares of member/participant in a cooperative society is what catch most in their heart, production, distribution and consumption of goods and services are all part of it.
Cooperative society is mostly seen in virtually all economic /commercial sectors.
FEATURES OF COPORATIVE SOCIETY
- Easy to form : co-operative society is very easy to form in that it may started with just only two people, even deducing from some secondary school students they have been doing cooperative right from initial, cooperative society only state that two or more people can start but no amount of people can make it up, so cooperative society could be as wide as anything.
- Raising fund : fund that are raised in a cooperative society comes from no-where but from its members and this has been the case for long time, Cotati even society have always be independent of fund due to its member state.
- Control and administering : the control and the administering of the corporation is in the hands of some set of individual who also must be member in the society.
- It is an act of democracy : in cooperative society despite one giant share or small, it is a system of member equality and members are all entitled to only one vote and so for this it is an extension of democracy.
- Main objective : every cooperative society main aim is to together aim one goal and it is to advance the economical interest of its members.
- It is democratic in nature due to the way and right individual member has in the society.
- Coperative society can generate fund for any needing member for business purpose
- It encourage savings habit among the members of that society
- Coperative society has help many of their members in areas of production, trainings on creativity and how to work life out and most of all the buying of goods and services.
- Coperative society is one of the society that encourages its member to work hard for them to have good image and more members.
- Unwillingness of some members to contribute in time of raising fund and this causes trouble and sometimes maybe reason for some willing members to leave.
- Most of the Cooperatives society have always record a high battle of debt either by loan or through any means.
- The main aim sometimes does not get to attainment point before its liquidation
- The intervention of government in some Cooperatives society slows down their decision and action and this is one of their disadvantages
- As the society believes in individual equality, those ones with high initiative keep shut and look at those with non, so what is the essence of Cooperatives society, one of it is for members to educate one another but in the name of equality reversal is the case.
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