The consumers co-operative society is owned by

Assessment: WAEC SSCE - Economics - 2000 (Objective) Subject: Economics

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The consumers co-operative society is owned by
Answer Details
A consumers co-operative society is owned by its members. These members are individuals who have bought shares in the society and have the right to vote on matters related to the running of the co-operative. This is one of the fundamental principles of co-operatives - democratic member control, where each member has an equal say in the decision-making process regardless of the number of shares they hold. Therefore, the co-operative society is not owned by a management committee, debenture holders or the government, but by its members.
Read lesson note on Business Organizations (JAMB)
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