4/21/2021 0 Comments Types Of Cooperative Society
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At the uppermost tier are the Sate Co-operative banks organized at the State level. Though they are not profit oriented, they can earn reasonable profits by providing services to non-members. They are formed for the benefit of consumers who wish to get household goods at reasonable prices. These societies make bulk purchases of goods from producers directly or from wholesalers at wholesale rates and sell the goods to members. The difference between the sale price and purchase price represents the surplus earned. The surplus is distributed among the members in the form of bonus. Currently there are around 9,000 consumer co-operatives in the country. There are Primary societies at the local level, Central or wholesale societies at the district level, State Consumer Co-operative Federation at the State level and National Co-operative Consumer Federation at the National level. Certain portion of the profits earned is spent for the welfare of the community and the balance is distributed among members. Marketing Co-operatives are especially suitable for marketing of agricultural products. The output of the members is pooled together, the products are processed (e.g. The members are assured of correct weight and measurement and fair prices for their produce. The sale proceeds are distributed among the members according to their contribution to the pool. They also provide credit, storage facilities, information about market price, demand and supply etc. They undertake activities relating to purchase of land, obtaining governmental approvals, development of the site, construction of houses or flats and allotment of housesflats to its members. Since housing co-operatives construct many flats or buildings they are able to purchase building materials at cheaper rates. The Stamp duty to be paid when property is purchased from a co-operative society is waived off. Therefore members are benefited by the lower cost of property. They accept deposits from members and provide loans to members at reasonable rates of interest. The formalities are much simpler when compared to availing of a bank loan. The co-operative credit societies are of two types. They are. Non agricultural credit societies are formed in urban areas and provide loans to people living in urban or semi-urban areas. At the lowest tier are the Primary Agricultural Co-operative Credit Societies which are organized at the village level. At the second tier are the Central Co-operative Banks organized at the district level.
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