How can I join a cooperative society in Nigeria?

What are the requirements for registration of a cooperative?

There are six steps suggested in setting up a cooperative.

  • Get organized. …
  • Prepare a general statement called an economic survey. …
  • Draft the cooperative’s by-laws. …
  • Draft the articles of cooperation. …
  • Secure bond for accountable officer(s). …
  • Register your cooperative with the Cooperative Development Authority (CDA).

Is it good to join cooperative society?

The benefits of joining cooperative societies are numerous. … Cooperative societies enable members to get easy access to loans. Helping build local enterprises and profits. Creating decent jobs for individuals.

How do you start a cooperative society?

The following steps have to be followed while forming a Co-operative society, they are

  1. Step 1: Ten Individuals together who are desirous of forming a Society. …
  2. Step 2: Provisional Committee to select Chief Promoter. …
  3. Step 3: A Name for the Society has to be selected.

5.09.2017

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Who can be a member of cooperative society?

Any ten adults can voluntarily form an association and get it registered with the Registrar of Co-operative Societies. Open Membership: Persons having common interest can form a co-operative society. Any competent person can become a member at any time he/she likes and can leave the society at will.

What are the two kinds of membership in a cooperative?

Kinds of Membership. – A cooperative may have two (2) kinds of members, to wit: (1) regular members and (2) associate members. A regular member is one who is entitled to all the rights and privileges of membership.

How many members are needed to form a cooperative?

– A cooperative may be organized and registered by at least fifteen (15) persons for any or all of the following purposes: aisa dc (1) To encourage thrift and savings mobilization among the members: (2) To generate funds and extend credit to the members for productive and provident purposes; (3) To encourage among …

What are the disadvantages of a cooperative?

The disadvantages of a cooperative society have been defined below:

  • Limited Resources: …
  • Incapable Management: …
  • Lack of Motivation: …
  • Rigid Business Practices: …
  • Limited Consideration: …
  • High Interest Rate: …
  • Lack of Secrecy: …
  • Undue Government Intervention:

What are the 3 disadvantages of cooperatives?

The important among the disadvantages are:

  • Lack of Secrecy: ADVERTISEMENTS: …
  • Lack of Business Acumen: The member of cooperative societies generally lack business acumen. …
  • Lack of Interest: …
  • Corruption: …
  • Lack of Mutual Interest:

What is the main purpose of a cooperative?

The purpose of a cooperative is to realize the economic, cultural and social needs of the organization’s members and its surrounding community. Cooperatives often have a strong commitment to their community and a focus on strengthening the community they exist in or serve.

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How does a cooperative make money?

Like commercial concerns, cooperatives are financed in a variety of ways. They may get their operating funds from membership fees, common or preferred stocks, bonds, by borrowing from banks, or from other sources.

Can family members form society?

Members of the family cannot be members of society. Trustees generally hold the position for a lifetime provided the trust deed states otherwise. No annual reports or any other document is required to be submitted to any authority.

How do you form a cooperative credit society?

The way of credit cooperative society registration :

  1. Certificate from the bank declaring the credit balance is in support of the respective credit co-operative society.
  2. Every state must have a minimum of 50 members.
  3. The board members should be at least 7 and maximum 21.
  4. The promoter members name and list.

16.03.2020

Is it compulsory for a cooperative society to get themselves registered?

Yes , registration of a cooperative society is compulsory under the Cooperative Societies Act , 1912.

Why do person join a cooperative society?

Answer: Cooperative society is mainly meant for resource pooling. An individual, if strong enough to get his work done the way he wants, then he may join any organisation. … Individual benefits the cooperative society through his contribution and in return is benefitted by society in form of returns on investment.

What is the liability of the members of cooperative society?

Answer. The liability of the members of a cooperative society is limited. Explanation: Cooperative society has limited liability as in case the risk, the capital raised will be under stress and not the personal property of the contributors.

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