CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Planning3 Marks
Question
Explain any three features of a 'Co-operative Organisation'.
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Answer
Features: (Any three)
Voluntary organisation - it is an association of persons desirous of pursuing a common objective. They can come and leave the organisation at their own will without any coercion.
Democratic management - the management is vested in the hands of the managing committee elected by the members on the basis of one member-one vote.
Service Motive - the primary objective of this organisation render services to its members rather than to earn profits.
Capital and returns - the capital is procured from its members in the form of share capital. A member can subscribe subject to a maximum of 10% of the share capital. Shares cannot be transferred but surrendered to the organisation.
Government control - the activities are regulated by Co-operative Societies Act and state co-operative societies act. The organisations are required to submit their annual report to registrar of co-operatives.
Distribution of surplus - the profits are distributed among the members on the basis of goods purchased by each member of the society.
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