Question

Below given statements are related to the history of German Co-operatives. Identify the wrong statement.

• A. In 1846, Franz Hermann Schulze founded "society for grain and bread supply" which is considered as a Co-operative bakery
• B. The first Co-operatives law, 'Prussia's 1867 Act was enacted in the Prussia State in the year 1867
• C. Franz Hermann Schulze founded first 'Credit Association' in 1850
• D. Raiffeisen founded a charitable association in Heddesdorf, which became a credit society and is named as "Heddesdorf Credit Union"

Answer 1

Answer:

A. In 1846, Franz Hermann Schulze founded "society for grain and bread supply" which is considered as a Co-operative bakery

The history of German cooperatives can be traced back to the 1840s and includes the following key events:

• 1843

  The first German cooperative bank, the Öhringer Privatspar- und Leihkasse, was established in Öhringen.

• 1847

  Friedrich Wilhelm Raiffeisen created an association in Weyerbusch to help the rural poor who were in debt.

• 1859

  Franz Hermann Schulze-Delitzsch convened the first group meeting of cooperatives in Weimar.

• 1862

  Raiffeisen and Schulze-Delitzsch established credit unions.

• 1864

  Raiffeisen created the first rural cooperative bank, the Heddesdorfer Darlehnskassen-Verein.

• 1867

  Prussia passed the first German cooperatives law, which gave cooperatives the right to exist and act as entities.

• 1889

  The Reich Cooperatives Act legalized organizational differences in newer cooperatives and allowed cooperatives with limited liability.