SS1 Third Term Commerce Lesson Note – Cooperative Society

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WEEK 9

Topic:  COOPERATIVE SOCIETY

Content:

• Definition and formation
• Characteristics of cooperative society
• History of cooperative society

SUB-TOPIC 1: DEFINITION AND FORMATION OF COOPERATIVE SOCIETY

Cooperative society is a voluntary organization in which individuals, traders and businessmen with common interest pool their resources together to promote the welfare interest of their members. It is controlled by the members.

FORMATION OF A COOPERATIVE SOCIETY

A cooperative society is recognized in law as a legal person. It can own property, enter into contract, as well as sue and can be sued. Therefore, a cooperative society must be registered before it begins operation.

A cooperative society is formed by a group of persons not less than ten (10).

The cooperative society must have a by-law which must contain the rules and regulations of the society.

The society must show evidence of being able to sustain itself.

The cooperative society must keep certain books and records necessary for the running of the society.

Application form stating the particulars of the society must be obtained and submitted. Then the Registrar of cooperatives issues a certificate which gives birth to the cooperative society.

SUB-TOPIC 2: CHARACTERISTICS OF COOPERATIVE SOCIETIES

Cooperative Societies have the following characteristics

1. It is formed by individuals
2. The individuals in the society are united with common interest and goals
3. Cooperative societies are formed and maintained by the members
4. All members in a cooperative society are equal

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