Q.Define the Co-operative Society. Explain its features.

A co-operative society is a voluntary association working together for shared economic benefit, democratically managed and service-oriented rather than profit-driven. ## Meaning and Features A TS Inter 1st-year Commerce topic, aligned with the NCERT/CBSE curriculum. 'Co-operation' derives from the Latin 'co-operari' — working together. The Indian Co-operative Societies Act, 1932 defines it as a society promoting its members' economic interests on co-operative principles. Features: voluntary association (join/leave freely); open membership (irrespective of caste, creed, religion); minimum members required (typically 10, 50 per state for multi-state societies); state control and audit; capital from members plus government loans/grants; democratic management (one-man-one-vote); service motive over profit; returns on capital via dividend; surplus di …