List and explain six types of co-operative society
1. Consumer Co-operative Society: This type of co-operative society is formed by consumers to collectively purchase goods or services at lower prices. Members pool their resources to buy in bulk, reducing costs and passing on savings to members. They are typically found in sectors such as grocery, healthcare, and housing.
2. Producer Co-operative Society: Producer co-operatives are formed by individuals engaged in the production of goods or services. Members work together to market their products, share resources, and collectively negotiate prices with buyers. This type of co-operative is common in agriculture, crafts, and manufacturing industries.
3. Worker Co-operative Society: In a worker co-operative, employees own and control the business they work for. Members participate in decision-making processes and share in the profits of the business. Worker co-operatives often operate as democratically run enterprises where all members have an equal say in the direction of the business.
4. Credit Co-operative Society: Credit co-operatives provide financial services to their members, such as savings accounts, loans, and investment opportunities. Members contribute funds to the co-operative, which are then used to provide financial services at lower interest rates than traditional banks. Credit co-operatives are typically formed to serve the financial needs of a specific community or group of individuals.
5. Housing Co-operative Society: Housing co-operatives are formed to provide affordable housing for their members. Members collectively own and manage the housing units, sharing the costs of maintenance and repairs. Housing co-operatives are often seen as a way to address the housing needs of low-income individuals or those looking for alternative forms of housing ownership.
6. Marketing Co-operative Society: Marketing co-operatives are formed by producers or suppliers to collectively market and sell their products. Members pool their resources to access larger markets, negotiate better prices with buyers, and increase their bargaining power in the industry. This type of co-operative is common in agricultural sectors where farmers band together to sell their crops more efficiently.