Features of a Cooperative Society – With 2 Distinct Characteristics of the Constitution Exemplified by a Cooperative Society. Prachi is a Biotechnology student based in Mumbai. A cooperative society is a type of business formation. The word cooperative means working together and with others for a common purpose. This custom is present in our country also. Most of the populations in developing countries are less rich. The society has provided many facilities for these works. People associated with traditional handicrafts companies were not getting fair prices and markets. The cooperative society eliminates the profit earned by middlemen in the supply of commodities to the consumers. The answer is many! But the formation of cooperative society, victim people gathers them and takes strong effective steps to face these problems. It offers a decent salary and position to its employees. Cooperation exists at many levels and takes place between individuals and organizations as well as between states and countries. Creation of loan facility: It creates a lot of scopes due to ensure loan facility in order to emancipate to the members from the greedy lenders. Its purpose is to provide financial assistance to poor and middle-class people in the form of loans. Can take various political forms as long as it adheres to this principle of co-operation. Cooperative Agriculture: Its objective is to increase the size of arable land by forming a cooperative society by a group of farmers. In this perspective, the cooperative has a great importance with a view to peace, prosperity, and social development in developing country. The funds and time required is minimal to get the society registered. The biggest drawback was that only credit cooperative societies could be formed based on this act, and there were no provisions for the cooperation of another nature. Cooperative Institutions arrange loans and provide funds to their members at reasonable interest. A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise". Prachi Hajare. Business is an Instrument of Change – Discussion, Types of Partnerships on the Basis of Duration, Object Clause of Memorandum of Association, Exporting and Importing in International Business, Objectives of Consumers’ Cooperative Society, Major claims of an Individual to his Organization, Road infrastructure and driver behavior can create complex road networks, Scientists develop Single Photons from a Silicon Chip for quantum light particles, Physicists use antiferromagnetic rust for Faster and Efficient Information Transfer, Crab armies can be a key issue in coral wall preservation, Beaches cannot be extinct if sea levels continue to rise. Housing Cooperative Society: This committee is formed to help the members who need lands and houses. They provide loans only for productive purposes and not for wasteful expenditure. Consumer Cooperative Society: This committee is more popular. As a result, they sell their products to the middlemen at a lower price against optimum price. Too much dependence on the government also led to its failure. Cooperative societies changed the appearance of agriculture credits, and the impact of traditional moneylenders was reduced. Consequently, they can contribute to the country. Q2. Pro Lite, CBSE Previous Year Question Paper for Class 10, CBSE Previous Year Question Paper for Class 12. Co­operation is the foundation on which our social life is built up. 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