The Five Year Plan has given an important place to the co operative movement, as a major form of organisation in many branches of economic activity.
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The history of co-operative movement in India is broadly divided into two phases. That means co-operative movement has passed into two phases. They are-
A cooperative society after registration is recognised as separate legal entity by law. It acquires an identity quite distinct and independent of its member can purchase, dispose its own assets, can sue and also can be sued.
Any group of persons can form a cooperative society of their own if they so like to act jointly for the common benefit of each other. But that is not the legal way of formation the cooperative society. All societies must be formed under the Cooperative Societies Act, 1912 or under the relevant state cooperative laws.
A cooperative society offers several advantages as compared to any other forms of organisations. Following are the some of the important advantages of cooperative society.