Types of Cooperative Society in Objectives of the organization
Cooperative society was originated from the word of co-operating which indicates assistance. Society means association or collection of a group of people. So, it means assistance of the society where a few people create a democratic institution voluntarily. There are different types of the cooperative societies which are originated according to the demand of the time and the consumers. These are as follows:
(a) Purchasing Cooperative Society: Cooperative is the collectiveness of few people to attain general objectives. Raw materials and other elements must be needed to purchase to continue agricultural, small and cottage industries. The cooperative society is established to purchase fertilizer, seeds, and other essential tools for agriculture, raw materials, and instruments for cottage industries is called purchasing Cooperative society.
(b) Selling Cooperative Society: Whenever the same categorized small producers establish a cooperative to get a great scope in the field of selling the products is called selling cooperative society. The sale of a particular area, as well as same categorized, is established by the selling cooperative society. As a result, the dependence on middleman becomes decline, as well as products, can be sold at profitable prices. Members can attain direct idea about the market even they can open the shop to sell the products as well. Consequently, the poor competition decline among them as well as increase the amounts of profit.
(c) Cooperative Housing Society: The cooperative which is established with a view to mitigating the accommodation problems of the members of the cooperative society is called cooperative housing society. Lands are purchased in the name of cooperative by the savings money of the members. Thereafter the cooperative makes the house and allotted these houses among the members by the installment process under the conditions of the payment of particular time in the protector price. Members can be an owner of these houses after paying the payment. Especially this cooperative society gives the loan to the members to be an owner of the house in the urban area.
(d) Cooperative Bank: Various kinds of small credit cooperative society collectively establish banking institution to meet own financial transactions is called the cooperative bank. All kinds of depositors can deposit their money in this bank but credit facilities is given only the members of the cooperative society. The rate of credit is less and installment is reasonable as well. Merchants’ organization also allowed for sanctioning the loan. The banking activities of the cooperative society are very transparent and reliable. Ensure the financial progress is the main objective of this bank.
(e) Multi-Purpose Cooperative Society: Whenever a cooperative society is established to attain multi-purpose objectives is called multi-purpose cooperative society this cooperative attempts to gain various objectives whereas others cooperative objectives are limited. Whenever any cooperative society establishes to attain various goals such as production, purchasing, selling, credits, and sanction and so on this cooperative is called multi-purpose cooperative society.
(f) Primary Industrial Cooperative Society: The collection of people who are engaged with small and cottage industry a cooperative society is established for them is called primary industry cooperative society. To get prosper mutual improvement in the industrial sectors is formed a primary industrial cooperative society. Ensure the financial prosperity of the members through the production, purchase of industrial tools and distribution of products are the vital objectives of the primary industrial cooperative society. Fiber cooperative society, salt production cooperative society, glass preparatory cooperative society and so on are the example of this cooperative society.