Maharashtra State BoardHSC Commerce 12th Board Exam
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State Whether the Following Statement is True Or False. Maximisation of Profit is the Object of a Co‐Operative Society. - Organisation of Commerce and Management

MCQ
True or False

State with reasons, whether the following statement is True or False:

Maximisation of profit is the object of a co‐operative society.

Options

  • True

  • False

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Solution

This Statement is False.

  1. A co-operative society is a voluntary association of people who come together on the basis of unity and equality to protect and promote their common economic interests.
  2. The nature of the co-operative organization is service-oriented. Each for all and all for each is the principles of a co-operative society.
  3. A co-operative society is a society which has its objectives for the promotion of economic interests of its members in accordance with co-operative principles.”(Indian Co-operative Societies Act1912)
  4. Thus the motto or object of a Co-operative Organisation is not to earn profit but to render service to its members.
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