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Explain the following features of a cooperative society: a. Democratic management, b. Capital and return thereon, c. Distribution of surplus.

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Saraswati Nrutya Shale

Cooperative society is an association of like minded people who come together voluntarily so as to meet cultural, economical needs and common goals. Following are the features of Cooperative Society a. Democratic Management: The members of the society elect the managing committee who manage the functioning...
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Cooperative society is an association of like minded people who come together voluntarily so as to meet cultural, economical needs and common goals. Following are the features of Cooperative Society a. Democratic Management: The members of the society elect the managing committee who manage the functioning of the organization. Hence every decision is taken by obtaining consent from majority of members. b. Capital and return thereon: The capital of the society is formed by subscription of shares by the members and acts as a Share Capital. The share holders are entitled to get 9% of dividend. Shares cannot be transferred. c. Distribution of surplus: After the dividend payment, the surplus amount which is left out is used fro the welfare of the society. Certain percentage of amount is also kept in the general reserve. read less
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