Amendment status not verified — confirm the current text below against the official source.
The following shall constitute the Co-operative principles:— (i) membership in Co-operative societies shall be voluntary and available irrespective of caste, creed, race and religion to all persons who can make use of its services and are willing to accept the responsibilities of membership; PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 25, 2010 9 The West Bengal Co-operative Societies Act, 2006. _(Chapter L—Preliminary.—Section 4.) (ii) Co-operative societies are democratic organisations controlled by their members who actively participate in setting their policies and making decisions. Their affairs shall be managed and administered by persons elected or appointed in the manner agreed by the members and accountable to them. Every member of a Co-operative society, other than a nominal member, shall have equal right of voting in accordance with the principle of "one member, one vote"; (iii) member holding share capital shall only receive a strictly limited compensation, by way of dividend, if any; (iv) the economic results, arising out of the operations of a Co-operative society belonging to the members of that Co-operative society shall be distributed in such a manner as to avoid one Member gaining at the expenses of other. This may be done by decision of the members as follows:— (a) by provision for development of the business of the Co-operative societies; (b) by provision of common services; and (c) by distribution among the members in proportion to their transactions with the Co-operative societies; (v) as autonomous, self-help organisations, controlled by their members, Co-operative societies, if they enter into agreements with other organisations, including Governments or raise capital from external sources, they can do so on terms that ensure democratic control by their members and maintain their Co-operative autonomy; (vi) all Co-operative societies shall make provision for the education of their members, officers and employees and of the general public, in the principles and techniques of co-operation, both economic and democratic; (vii) all Co-operative societies, in order to serve better the interest of their members and their communities, shall actively co-operate in every practical way with other Co-operative societies at a local, national and international levels having as their aim the achievement of unity of action by co-operators throughout the world; and (viii) all Co-operatives shall have concern for the communities and shall work for the sustainable development of their communities through policies approved by their members. Definitions.