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Multi-State Cooperative Societies Act, 1984 First Schedule See Section 3 (f) Cooperative Principles 1. Membership of a multi-State cooperative society (hereafter in this Schedule referred to as the society) should be voluntary and open, without any social, political, or religious discrimination, to all persons who can make use of its services. 2. In a society other than that with institutional membership, individual member should enjoy equal rights of voting - one member, one vote. 3. i. Surplus or savings, if any, arising out of the operations of the society belong to the society as a whole and no individual member has a claim to the surplus. ii. The surplus should be utilised for all or any of the following purposes, namely:- a. providing for development of the business of the society; b. providing services for the common enjoyment of members; c. distribution among the memers in proportion to their transactions with the society. 1. 2. 3. 4. The society should undertake education of its members, office-bearers and employees and the general public regarding the principles and practice of cooperation. 5. The society should actively cooperate in every practical way with other cooperative societies at local, national or international levels. 6. The share capital of a society shall receive strictly limited rate of interest (that is to say dividend). 7. The affairs of a society should be administered by the management in accordance with democratically expressed will of the members. 8. The management of the society is accountable to its own members.    |
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