What is the difference between a society and a cooperative?

A registered society is a legal entity with certain limitations. However, members of a cooperative society get together to promote the economic interest of their members. They have to submit viable business plan of the cooperative before registration. These two prerequisites are not present in a society.

What do mean by cooperative society?

A co-operative society is a voluntary association of individuals having common needs who join hands for the achievement of common economic interest. Its aim is to serve the interest of the poorer sections of society through the principle of self-help and mutual help. Cooperative Societies Act is a Central Act.

What is the difference between Housing society and cooperative Housing society?

(1) Ownership Housing Societies: The society holds the land on lease or freehold basis by societies, and members own the houses. (2) Co-Partnership Housing Societies: These housing societies hold both land and building, either on leasehold or freehold basis and allot flats to their members.

What is Cooperative Society example?

Best examples are dairy, fish farmers, weavers and artisans and tribal co-operatives. These are urban and rural financial societies that provide loans to members at low rates of interest, protecting the members from massive debts to traditional moneylending agencies.

What are types of cooperative society?

Types of Cooperative Society

• 1] Producer Cooperative. To protect the interest of small producers, these societies are set up.
• 2] Consumer Cooperative.
• 3] Credit Unions.
• 4] Marketing Cooperative Society.
• 5] Housing Cooperative Society.

What is Cooperative Society Act in India?

[1st March, 1912.] An Act to amend the Law relating to Co-operative Societies. WHEREAS it is expedient further to facilitate the formation of Co-operative Societies for the. promotion of thrift and self-help among agriculturists, artisans and persons of limited means, and for.

Which is the first cooperative society in India?

Agricultural Credit Cooperative Society
Agricultural Credit Cooperative Society, of Kanaginahal village of Gadag District in Karnataka was the first cooperative Society formed under First Cooperative law of India.