Question

The important features of Cochin Co-operative Societies Act

1. Societies for providing agriculture and non-agriculture credit.

2. Supervise the societies by the organisation of Unions.

3. The Act give priority to industries especially cottage industries.

• A. I and II are correct
• B. I and III are correct
• C. II and III are correct
• D. All are correct

Answer 1

Answer:

D. All are correct

The Cochin Co-operative Societies Act was enacted in 1913. Some important features of the Act include:

• Registration

  The Act allows for the registration of co-operative societies. The first society registered under the Act was the Advanced Co-operative Society.

• Cochin Central Co-operative Bank

  The Cochin Central Co-operative Bank was formed in 1918, based on the British co-operative movement.

• Limited liability

  The Act requires that co-operative societies be registered with limited liability. 

Some general characteristics of co-operative societies include:

• Voluntary association

  Anyone can voluntarily join a co-operative society, regardless of caste or creed.

• Open membership

  Anyone can join a co-operative society, regardless of caste or creed.

• Democratic

  A managing body is formed by voting among the members to work towards a common goal.

• State control

  Co-operative societies are under the control of the state government, and must maintain records and be accountable for their workings.

• Separate legal entity

  A co-operative society is a separate legal entity with a common seal and the power to hold property, enter into contracts, and more.