Question

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

Answer 1

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.