Cooperative societies - class-XI

AMUL (Anand Milk Union Limited) is a well-known Indian dairy cooperative society based in Gujarat.

In a Hindu Undivided Family (HUF), the head is the Karta, while the other male members who have a right to the ancestral property are known as coparceners.

Producers' cooperative societies are formed to help small producers in procuring raw materials or marketing their products. Haryana Handloom is an example of such a society.

A cooperative society is a separate legal entity. Its existence is independent of the status of its members, meaning it continues regardless of death, insolvency, or lunacy of any member.

Cooperative farming societies are formed by small farmers to pool their land and resources to improve agricultural productivity, which includes irrigation management.

Under the Cooperative Societies Act of 1912, a cooperative society is mandated to transfer at least 25 percent (one-fourth) of its net profits to a general reserve fund.

Cooperative societies are considered legal entities and are subject to income tax under the Income Tax Act, 1961, though they may enjoy certain deductions or exemptions.

The fundamental principle of a cooperative society is democratic control, which is expressed as one man, one vote, regardless of the amount of capital contributed.

Credit cooperative societies are established to provide financial assistance and credit facilities to their members, such as village service societies and urban banks.

APPCO (Andhra Pradesh State Handloom Weavers Cooperative Society) and Haryana Handloom are examples of producer cooperatives, as they assist in the production and marketing of handloom goods.

Co-operative marketing society is basically a trading firm in which all the members of the co-operative marketing form sell their product through society. e.g. Kendriya Bhandar.

A key feature of cooperative societies is that surplus or profit is distributed among members based on their participation or patronage, rather than just capital investment.

This is a duplicate of question 404899. The correct answer remains (1) & (4) - APPCO and Haryana Handloom. APPCO (Andhra Pradesh Pradesh Cooperative Marketing Society) is a producers' cooperative owned by farmers for agricultural marketing. Haryana Handloom is a producers' cooperative of weavers. The others represent different types: Kendriya Bhandar and Apna Bazar are consumer cooperatives, while the Gujarat federation is a secondary-level marketing organization.

A cooperative is defined as a voluntary association of individuals who join together to achieve common economic goals through mutual help.