A cooperative society is a form of organization where individuals voluntarily come together to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. Members of a cooperative society contribute resources, such as money, labor, or skills, and share in the benefits and risks of the cooperative business. Each member has an equal say in the governance of the organization, with decisions made democratically on a one-member, one-vote basis. Cooperative societies operate in various sectors, including agriculture, consumer goods, housing, and finance, and are based on principles of voluntary membership, democratic control, economic participation, autonomy and independence, education and training, cooperation among cooperatives, and concern for the community.
