Amendment status not verified — confirm the current text below against the official source.
Cooperative Principles Individuals or Cooperative Societies intending to form a Cooperative Society under this Act shall frame bye-laws conforming to the following Principles of Cooperation, namely: (a) membership of a Cooperative Society shall be voluntary available without restriction of any social, political, racial or religious discrimination, to all persons who can make use of its services and are willing to accept the responsibilities of membership; (b) Cooperative Societies are democratic organisations; their affairs shall be administered by persons elected or appointed in a manner agreed to by the members and accountable to them. Members of Cooperative Societies shall enjoy equal rights of voting (one member one vote) and participation in decisions affecting the Cooperative Societies of which they are members: (c) the economic results, arising out of the operations of a Cooperative Society belong to the members that Cooperative Society and shall be distributed in such a manner as would avoid one member gaining at the expense of others, which shall be achieved: (i) by provision for development of the business of the Cooperative Society, (ii) by provision of common services, or (iii) by distribution among the members in proportion to their transactions with the Cooperative Society in addition to the distribution of dividend to the share-holders; (d) all Cooperative Societies shall make provision for the education of their members, office-bearers and employees and of the general public, in the principles and techniques of Cooperation, both economic and democratic; (e) all cooperative societies, in order to best serve the interest of their members and their communities, shall actively cooperate in every 5/42 practical way with other cooperatives at local, national and international levels having as their aim the achievement of unity of action by cooperators throughout the world.