Definition of Cooperative Society
Cooperative society was originated from the word of co-operating which indicates assistance. Society means association or collection of a group of people. So, Cooperative society means assistance of the society where a few people create a democratic institution voluntarily. Earning profit is not the main goal of cooperative society, rather prosperity of the members, ensuring the rights and dignity, develop, the worse situation, change the fate, believes, honesty, economic as well as increase the aides are the main goals of this society. The different scholars were provided different definitions of cooperative society which are as follows:
V.L. Mehta: Cooperative society is only one aspect of a vast movement which promotes voluntary association of individuals having common needs who combine towards the achievement of the economic end.
ILO: An association of persons, usually of limited means who have voluntarily joined together to achieve a common economic end through the formation of a democratically controlled business Organization, making an equitable contribution of the capital required and accepting a fair share risk and benefit of the undertaking.
Paul Lambert: A cooperative society is enterprises formed and directed by an association of users, apply within itself the rules of democracy and directly intended to serve both its own members and the community as a whole.
Prof. R. Chambers: Co-operative is the association for supplying goods or carrying on some branch of industry, the profit of which go to the members.
From the above discussion, we can say that a voluntary organization where everybody is equal and assistance is the main power as well. That’s why H. Calvert said that “It is a form of organization where the persons associate together for the promotion of economic interests of themselves on the basis of equality.”