The word Co-operative Society has been defined
in so many ways. For instance, N. Akpan defined co-operative as a group of
people that come together on equal basis to promote their economic
interest. Mr J. E. Oseromo, a one time
Director of Co-operatives, Edo State, also defined Co-operative Society as a
family of people who have come together on equal basis to promote their
economic interest, and share equal risk. Why Mr. P. E. Akhigbe a one time
lecturer in the Edo State Co-operative College define it as owner formed, owner
managed and owner use. On his part, Mr. S. E. Ilegbinosun defines Co-operative
society as business of the people, by the people and for the people.
In 1995
International Co-operative Alliance (ICA) definition stands accepted by all co-
operators today. And the definition is:-
A co-operative society is an autonomous
association of persons who have voluntarily joined together to achieve a common
economic and social objective through the formation of a jointly-owned and
democratically controlled business organization. Which its Members are expected
to make equitable contributions to the capital required and also to accept a
fair share of the risks and benefits of the undertakings. Co-operative
societies work on the principles of self-help and mutual assistance to provide
services for their members in a prudent and effective manner.
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