Types of Co-operative Society
1. Consumers co-operative society
2. Producers cooperatives society
3. Thrift and credit co-operative society
4. Multi-purpose co-operative society
5. Wholesaler cooperative society
6. Retailer cooperative society
1. Consumers Co-operative Society: This is a group of consumers who pool their resources together to purchase goods and services in large quantities (with the aim of making the cost of the goods cheaper) and distribute primarily to its members. Society deals mainly in consumer goods.
2. Producers Co-operative Society: This type of co-operative society is formed by the producers of similar goods, who market their product under one body, in order to control prices. There is a promotion of unity among the producers. They sell their goods at uniform and profitable prices.
3. Retail Co-Operative Society: This is established and managed by a voluntary group of retailers in order to make goods readily available to members at reduced prices.
4. Wholesale Co-operative Society: This is made up of wholesalers who pool their resources together to purchase goods in large quantities from the producers, and sell them in small quantities to the retailers.
5. Thrift and Credit Society: This is a society in which members make contributions to a collective fund and out of which they apply for loans. Little interest charged is distributed to members at the end of the year. This encourages the members to cultivate the habit of saving money and at the same time provide credit facilities for those in need of it.
6. Multi-Purpose Co-operative Society: This is a cooperative movement which combines all the functions of all other cooperative societies. They engage in different forms of ventures that members consider profitable. It can undertake any activity without specializing in any one-as far as it’s of interest to the society and its members.
1. Define Co-operative Society.
2. Mention types of Co-operative Societies.
3. State five features of Co-operative Societies.
4. Give a brief history of Co-operative Societies.