Definition of Multi-Purpose Cooperative Society
Whenever a cooperative society is established to attain multi-purpose objectives is called multi-purpose cooperative society. It is an organization which is owned and operated by a group of individuals for their mutual benefit. This cooperative attempts to gain various objectives whereas other cooperative objectives are limited. Whenever any cooperative society establishes to attain various goals such as production, purchasing, selling, credits sanction and so on this cooperative is called multi-purpose cooperative society. As the name indicates its responsibility for a different purpose for which it has been set up. It can work for arranging credit, improved seeds, agricultural implements, fertilizers, sanitation, health, etc. The functions depend upon the interest and the object of the members. If the members are anxious to do more things, the multi-purpose co-operative societies can take to other function also.
The multipurpose co-operative society has a huge number of functions to expulsion. Cooperatives have an enormously optimistic impact on society at large and the communities they provide and are owned by. A cooperative society is moderately similar to any other company. It is just using the shared property of the supportive members for the advantage of all members. As the name indicates its liability for a dissimilar reason for which it has been set up. It can work for arranging credit, improved seeds, farming equipment, fertilizers, hygiene, health, etc. for its members.
Usually, it discharges the subsequent functions –
- Assembly collection for Credit
The major charge of these co-operative societies is to assemble for short term credit for its members in order to support them to develop their farming and other job and business.
- Encouraging the enhanced technique of Agriculture
These societies organize provider of to the members’ seeds, fertilizers, farming equipment, etc. They also assemble for irrigation facilities so that the members might be capable to have superior farming yields.
- Marketing and Business
These societies help them with the marketing of goods. Through such facilities, they acquire suitable value for the agricultural harvest and other goods produced by its members.
- Set up of additional trade and small level Industries
These societies facilitate their members to set up other trades and industries related to their agriculture or related business. Though the economic situation of the members is better and they are able to develop their usual of living.
- Encouraging the Member for Saving
Cooperative societies operate as saving agencies and support their members to save a component of their income for their prospect needs. Through these savings, the members of such supportive societies are able to get loans and also resolve their problems. They also carry out the health program, schooling, and communal education. They make preparations for healthiness and financial facilities, teaching, and amusement for their members.
The main advantage is different types of activities are accomplished under this cooperative society. That’s why all kinds of demands are fulfilled in the same place with same condition. Its activities are so scattered. Coordination and orderly control is the main problem of this organization.
