The question asks for the fundamental principles upon which a co-operative society is based. We need to identify the core characteristics that define a co-operative.
Correct Option: B) Equality, for the promotion of their common economic interests through self-help and mutual help
This option accurately encapsulates the defining characteristics of a co-operative society. Members join voluntarily, operate on principles of equality (e.g., one member, one vote), and work together through self-help and mutual assistance to achieve common economic goals that benefit all members, rather than maximizing individual profit at the expense of others.
The question asks about the fundamental motive behind the formation of a co-operative society. Understanding the core principles of co-operatives is key to answering this.
Correct Option: A) Service to its members, rather than profit maximisation
This option accurately reflects the foundational principle of co-operative societies. Their existence is predicated on mutual aid and fulfilling the common needs of their members, whether it's providing goods, services, or market access, often at a fair price or with better terms than conventional businesses.
The question asks about the legal framework under which co-operative societies are formed and registered in India. This requires knowledge of specific Indian laws governing different types of organizations.
Correct Option: B) Co-operative Societies Act, 1912 (or corresponding State co-operative societies laws)
The question asks about the minimum number of members required to form a co-operative society in India. This is a factual question related to the legal framework governing co-operative societies in the country.
A) Ten is the correct answer. The Co-operative Societies Act, both at the central and state levels, typically mandates a minimum of ten members for the formation and registration of a co-operative society.
The question asks about the legal status a co-operative society acquires upon registration. This is a fundamental concept in business law and organizational structures, particularly relevant for understanding the nature of co-operative societies.
Correct Option: C) A separate legal entity, distinct from its individual members
Upon registration, a co-operative society acquires a 'corporate personality'. This means it has its own legal identity, separate from its members. It can hold assets, incur liabilities, enter into contracts, and sue or be sued in its own name. This principle of separate legal entity provides stability and continuity to the society, irrespective of changes in its membership.
The question asks about the general characteristics of membership in a co-operative society. We need to identify the feature that universally defines co-operative membership based on their fundamental principles.
Correct Option: B) Voluntary, in that a person is free to join or leave the society as they wish