As the name indicates its responsibility for different purpose for which it has been set up. One important function of the cooperative board is to educate members about their organization. It is the duty of the directors to provide the membership with that information. Since a co-operative society is a business organization dividends are shared periodically. This paper examines the role of cooperative societies in economic development. Under the Maharashtra Co-operative Societies Act 1960, a housing society is free to adopt its own set of laws that governs its members. The Role of Cooperative Society for Marketing Agriculture Producs in Bangladesh . Elections of Co-operative bodies have to be conducted by a separate election authority, as per the Maharashtra Co-operative Societies Election to Committee Rules, 2013 Major Reforms in Co-operative Sector for fulfilling the objectives of the National Policy by Adv. The primary cooperative credit society is an association of borrowers and non-borrowers residing in a locality. Perpetual Existence- Existence cooperative remains unaffected by the … There are 5 different types of cooperatives: Consumer: owned by consumers who buy goods or services from their cooperativeProducer: owned by producers of commodities or crafts who have joined forces to process and market their productsWorker: owned and d The funds of the society are derived from the share capital and deposits of members and loans from central cooperative banks. The aim of a cooperative society is to protect the economic interests of members in the face of possible exploitation at the hands of middlemen obsessed with the desire to earn greater profits. World University of Bangladesh . Democratic Management- Annual General Meeting (AGM) of co-operative society is held every year in which the managing committee is elected, which manages the affairs of the co-operative society. The death of a member of a co-operative society does not spell the end of the society; neither does the departure of a member. items are maintained to get multipurpose opportunities. the annual general meeting of a co-operative society is convened each year by the committee. A cooperative credit society is a legal entity that brings together people with similar needs. A cooperative society is formed not only to earn profit but also to ascertain the financial welfare of the members. The paper is a descriptive survey, which involves the collection of data for the purpose of describing the role of cooperative societies in economic development. The functions of the annual general meetings are: (section 27 of the Act) Consider and confirm the minutes of the last annual general meeting. About 80% people are directly … But when a new co-operative society approaches the registrar it would have to compulsorily adopt the new byelaws. If your co-operative society is old it may continue to follow old byelaws. The dividends are shared equally among members based on the volume of shares each member has. By ABM Siddique. 12. for its members. R. P. Rathod. That’s why it creates producers ‘cooperative society as well as purchased, selling, giving loan etc. It can work for arranging credit, improved seeds, agricultural implements, fertilizers, sanitation, health etc. it should be … Effective member control is impossible without information. Functions of Multi-Purpose Co-operative Society The multipurpose co-operative society has large number of functions to discharge. The aim is to investigate the ways in which cooperatives can act as agents towards sustainable community development. Abstract-Bangladesh is a developing country and agriculture is the main largest sector of the economy. The cooperative society is a voluntary association of persons, who join together with the motive of the welfare of the members. 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