How many members are required to form a cooperative society?

It is a requirement to register a society because only after registration the society obtains legal status. That’s why the formation of my cooperative housing society was completed by a contractor and we property buyers. Our cooperative society has a total of 12 members. So I just wanted you to know about the cooperative society minimum members.

What is the minimum number of members in cooperative society?

According to the Co-operative Societies Act of 1912, a cooperative society must be created. It may also be established by following the rules of the relevant state cooperative society. So in formation of a society minimum number of members required is 10. The group members are eager to create a society that will connect them together and require a shared interest. They could be employees of a particular company or residents of a nearby community. The core idea is that everyone wanting to create a community must have some common goals.

What are the aims of a cooperative society?

• Society manufactures, offers, and provides high-quality standardised goods. They also give the products to the final clients.

• To have a good understanding of one another and not be competitors in the market with themselves.

• Daily operations are run in a morally correct and sincere manner.

• The arrangement of appropriate services to cooperative society members without ever intending to make a profit.

So you are now aware of the cooperative society minimum members criteria.

Hello,

My elder sister lives in a cooperative society so I know about the requirement of minimum members in cooperative society. Let me first tell you about the co-operative housing society first.

Well, it is a legally-established membership-based entity made of one or more residential buildings. When you buy shares in the housing cooperative society, you become its member. After becoming a member, you obtain the right to occupy a housing unit in society, be it a house or an apartment.

Borrowing from The Three Musketeers of Alexander Dumas – One for all, and all for one – is the cooperative’s motto.

10

It is not specified in the  Cooperative Societies Act. However, the member may specify the maximum no. of members after the formation of the society.

• Open to all

• Voluntary organizations

• Concern for members

• Democratic Ownership

• Self-regulation

• Training and information

• Mutual help

• Financial contribution

• Limited liability

• Legal entity

Now you know what is the minimum number of persons required to form a cooperative society.

I hope I cleared all your doubts regarding maximum and minimum members in cooperative society.