The basic characteristics of co-operative society include all except one
Answer Details
The basic characteristics of a cooperative society include being managed democratically, following the principle of "one member, one vote," and typically having amateur management.
Cooperative societies are member-owned organizations that operate for the mutual benefit of their members. They are typically formed to address a specific need or challenge faced by a group of individuals, such as farmers, consumers, or workers.
One of the key characteristics of a cooperative society is that it is managed democratically, with decisions made through a vote by the members. This ensures that everyone has a say in the operation of the society and that decisions are made in the best interest of the members as a whole.
Another important principle of cooperative societies is that they follow the "one member, one vote" principle, which means that each member has an equal say in the decision-making process regardless of how much capital they have invested in the society.
Amateur management is another characteristic of cooperative societies, with members typically volunteering their time and expertise to manage the society's operations. This helps keep costs low and ensures that decisions are made in the best interest of the members, rather than for the benefit of professional managers.
The characteristic that does not apply to cooperative societies is raising extra capital through loans. Cooperative societies typically raise capital from their members through the sale of shares, rather than through loans. This helps ensure that the society remains member-owned and that decisions are made in the best interest of the members rather than for the benefit of outside lenders.