Brief About Cooperatives Society
A cooperative society is a group of people who work together to promote economic growth. All the members work together to earn some profit and they never leave the group before earning something like profit. Their main motive is to promote the growth of cooperative societies. They always work for their self-help; they are not dependent on others.
Different types of cooperative societies exist, including:
- Housing Society
- Agricultural Marketing Society
- Producer’s Society
- Consumers Society
- Co-operative Bank Federal Society
Cooperative Societies now have constitutional standing and security thanks to the 97th Amendment of the Constitution in 2011. The promotion of cooperative organizations is now covered by a new Article 43B inside this Directive Principles of State Policy Part IV. Its purpose is to guarantee the democratic, independent, and effective operation of cooperatives. It aims to handle important cooperative empowerment issues through voluntary organization, independent operation, democratic control, and expert management to make sure elections, general body sessions, and professional audits are conducted regularly and on time.
Ninety-Seventh Amendment Act 2011 In Indian Constitution
The Constitutional Ninety-Seventh Amendment Act of 2011 deals with cooperatives and aims to stimulate cooperative economic activity, which would assist rural India’s growth. It is anticipated to ensure cooperatives’ independent and democratic operation and the management’s responsibility to members and other stakeholders.
The 97th Constitutional Amendment Act of 2011 granted protection to cooperative society and gave constitutional status to a cooperative society. The Constitution has amended this in two ways:
- Article 19 provides the basic right for cooperative societies to organize.
- It created a new section of the Constitution called “The Cooperative Societies” (Article IX-B).
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