Maharashtra HSC Co-operation flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Co-operative definition (ICA 1995)

An autonomous association of persons united voluntarily to meet common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

One member one vote

The governance rule under which each member of a primary co-operative has a single vote at general meetings, irrespective of the number of shares held.

Service motive

The defining economic character of a co-operative: it exists to serve member needs rather than to maximise profit, though it may earn a surplus.

Surplus vs profit

In co-operative terminology, surplus is the excess of income over expenditure, returned to members by patronage; profit belongs to capital owners.

Voluntary and open membership

The first co-operative principle: membership is open to all persons able to use the society's services, without artificial or social discrimination.

Democratic member control

The second principle: members control the society through decisions taken at general meetings on the basis of one member one vote.

Member economic participation

The third principle: members contribute capital equitably, control it democratically, and allocate part of surplus to indivisible reserves.

Autonomy and independence

The fourth principle: co-operatives are self-governing; agreements with governments or other bodies must preserve member control and co-operative identity.

Co-operation among co-operatives

The sixth principle: societies strengthen the movement by working through local, national and international federations and supporting one another.

Rochdale Pioneers 1844

The English consumer society of 1844 that established the model rules: open membership, one member one vote, cash trading and dividend on purchases.

Co-operative Credit Societies Act 1904

The Indian statute that first gave legal recognition to co-operative credit societies, following the recommendations of the Famine Commission.

Montagu-Chelmsford 1919

The reform that transferred co-operation to provincial governments, resulting in separate provincial co-operative laws across British India.

NCDC 1963

The National Co-operative Development Corporation, established to plan and finance co-operative production, processing, storage and marketing projects.

97th Amendment 2011

Constitutional amendment making forming co-operatives a fundamental right, adding Article 43B and Part IXB on co-operative societies.

PACS

Primary Agricultural Credit Society: the village-level unit of short-term rural co-operative credit, lending mainly for crop production to member farmers.

DCCB

District Central Co-operative Bank: the middle tier that finances and supervises PACS and draws refinance from the state co-operative bank.

NABARD

National Bank for Agriculture and Rural Development, the apex refinancing and development institution for rural co-operative credit, not a direct lender to farmers.

Urban Co-operative Bank

A co-operative credit society licensed under the Banking Regulation Act, regulated by RBI for banking and by the Registrar for registration and management.

Dual control

The division under which RBI regulates banking operations of co-operative banks while the state Registrar controls registration, elections, audit and management.

Patronage dividend

The share of surplus distributed to members in proportion to the business each transacted with the society, not in proportion to share capital.

NAFED

The national co-operative marketing federation that undertakes procurement, price support operations and inter-state marketing of member produce.

Anand pattern dairy

The three-tier dairy model: village milk society collects and tests milk, district union processes it, state federation markets the products.

Processing society

A co-operative that converts members' raw produce, such as cane, cotton or milk, into finished goods and shares the processing surplus with them.

Consumer co-operative store

A society that buys goods in bulk and supplies members at fair prices, returning part of surplus as dividend based on member purchases.

CONFED

The state-level consumer co-operative federation that organises wholesale supply and supports primary consumer stores in the state.

Housing society

A co-operative registered to acquire land, construct or acquire dwellings and allot them to members, maintaining common areas from member contributions.

Deemed conveyance

A statutory mechanism allowing a housing society to obtain land title from the builder through the Registrar's order when the builder fails to convey.

Managing committee

The elected board of a co-operative that manages its affairs between general body meetings and is answerable to the general body.

Statutory reserve fund

A mandatory proportion of net profit transferred to reserve before any dividend is declared, retained to absorb future losses.

Audit classification

The grading of a society by the statutory auditor, usually from A to D, reflecting financial health and affecting eligibility for state support.

MSCS Act 1960

The Maharashtra Co-operative Societies Act, 1960, the principal state law governing registration, management, audit and winding up of societies.

Co-operative Court

The forum under Maharashtra law that decides disputes between members, societies and office-bearers, with appeal to the State Co-operative Appellate Court.