What Is a Co-operative Society?

A co-operative society is an association of persons who have voluntarily joined together to achieve a common economic and social objective through the formation of a jointly-owned and democratically controlled business organization. Members make equitable contributions to the capital required and accept a fair share of the risks and benefits of the undertakings. Co-operative societies work on the principles of self-help and mutual assistance to provide services for their members in a prudent and effective manner. Every co-operative society must be registered under the Co-operatives Law. More information on co-operative societies can be found on the Ministry of Labor, Small scale, and Micro Enterprise Development website.