TYPES OF COOPERATIVE SOCIETY
The following cooperative societies are found in our environment.
1. PRODUCER COOPERATIVE SOCIETY
2. CREDIT AND THRIFT COOPERATIVE SOCIETY
3. MULTIPURPOSE COOPERATIVE SOCIETY
4. FARMER COOPERATIVE SOCIETY
5. CONSUMER COOPERATIVE SOCIETY
PRODUCER COOPERATIVE SOCIETY
This is an association of producers in a certain ventures. This type of cooperative contributes mainly by buying, implementing and also machinery form for their trade. They hired machineries to members of the public who are farmer at a low price. Sometimes the machinery works for each member for a number of days. This will help them to increase the method of their production as well as save time and labour. The surplus is divided among the members.
CREDIT AND THRIFT COOPERATIVE SOCIETY
This is formed to give money to members who would otherwise not have been able to obtain loan from banks. It is formed to enable them have savings and they provided loans to members at a low interest rate. They collect money on monthly or weekly basis over the years.
MULTIPURPOSE COOPERATIVE SOCIETY
As the name implies, is a society that engaged in more than one type of trade (profession) it could perform that function of marketing, producer or consumer society. They serve more than one purpose for instance; they make sure that the consumers are not exploited.
FARMER COOPERATIVE SOCIETYThis is very common cooperative society in our environment because our major occupation is farming and the type of farming is mixed farming. This has access to facilities like seedlings, farming implement and they are also assisted by government especially with fertilizers.
CONSUMER COOPERATIVE SOCIETY
The members are consumers who put their resources together for a common goal. Goods are brought by the members at wholesaler’s basis. The goods are stated and sold to the cooperative and members of the public at the current market price.