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Class : 11
Unit : Business

Concept of Cooperative Organization

Ans : Cooperative organization is voluntary association of persons having limited means and common economic act objectives. It is based on the principle of self-help through mutual help and all for each and is for all. Basically, it concentrates to fulfill economic and social needs of the members. All the members has equal status. It is managed by a management committed, member of which are the representatives of shareholders. There is the system of one person one vote. According to J.J Worley, “A cooperative society must rest on free universal association democratically governed and conditioned by equality and personal liberty. In conclusion, cooperative organization is a voluntary association of persons of our locality, region or group having limited means and wants involved in economic activities through mutual cooperative and investment. People with low income gather in a common platform through cooperative society to develop economic standard.
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