State principles that guide cooperative societies
Principles that guide cooperative societies
- Voluntary open membership: cooperatives are voluntary organizations open to all people to use service and those willing to accept the membership responsibilities.
- Democratic member control: they are controlled by the members who actively participate in setting out policies and making decisions by majority.
- Member’s economic participation: this is in terms of the contributions. Each member is required to make contribution towards the capital of the cooperative. These benefits members in proportion to the business they conduct with the members’ money that has been invested.
- Autonomy and independence: cooperatives are autonomous self-help organizations controlled by their members.
- Education and training: cooperatives provide education and training for members, elected representatives, managers and employees so that they can contribute effectively to the development of the cooperative.
- Cooperation among cooperatives: they serve their members most effectively and strengthen the cooperatives movement by working i.e. through local, regional, national and international levels.
- Concern for the community: apart from easing on their member’s needs, cooperatives work for sustainable development through policies and programs that assist the community i.e. schools and banks.