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"An autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise" - ICA 1995
A cooperative is a Society registered under the Cooperative Societies Act 1993 with objectives to promote economic interest among its members in accordance with cooperative principle. In principle it is a business organisation voluntarily formed, owned, controlled and run by members to cater for their economic and social needs. All members are equal and have equal say in its management and share its surplus equally.
Principles
- Voluntary and open membership
- Democratic member control
- Member economic participation
- Autonomy and independence
- Education, training and information
- Concern for community
- Cooperation among cooperatives
Benefits
- Members own the cooperative through subscriptions contributed besides being the consumer of services offered by the cooperative. Member has the right to determine the types of services to be given priority by the cooperative.
- The cooperative provides secure fund facilities and loan facilities at a reasonable rate.
- Members enjoy returns on subscriptions, contributions and active participation towards the activities and the management of the cooperative. A portion of the Cooperatives' profit is set aside as provisions towards the welfare fund to sponsor all welfare activities such as members' children's education fund, benevolent fund and contributions towards social activities.
- Has the right to nominate and be nominated to hold office and vote in general meetings.
