A Cooperative institution is a voluntary association of independent economic units, organized, capitalized, and run by, and for its members, providing and/or marketing goods and services on a cost-to-cost basis to their members.
Explanation:
Cooperative institutions are based on the principles of mutual assistance and collaboration. They are formed by individuals or groups with common economic interests, aiming to meet their needs and improve their economic conditions.
The primary goal of a cooperative is not profit-making but rather to provide goods and services to its members at affordable rates, often on a cost-to-cost basis, ensuring that any surplus is reinvested or shared among the members.
Co-operatives can be involved in various sectors, such as retail, agriculture, finance, and housing.
In short, cooperatives function on the principles of democracy, equality, and mutual benefit for their members.
