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.
This Statement is False.
- 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.
- 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.
- 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)
- Thus the motto or object of a Co-operative Organisation is not to earn profit but to render service to its members.
Concept: Concept of Cooperative Societies
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