Section 6 in Mizoram Cooperative Societies Act, 2006
6. Co-operative to conduct business affairs on sound business principles and principles of cooperation.
- Every co-operative registered under this Act shall conduct its affairs on sound legal business principles in accordance with the principles of cooperation referred under Section 5 which at present include the following:(a)Voluntary and Open Membership: Co-operatives are voluntary organisations open to all persons able to use the services of such co-operatives and willing to accept the responsibilities of membership, without gender, social racial, political, or religious discrimination.(b)Democratic Member Control: Co-operatives are democratic organisations controlled by their members, who actively participate in setting their policies and making decisions. The elected representatives of co-operatives are responsible and accountable to their members. In primary co-operatives, members have equal voting rights (one member, one vote) and co-operatives at other levels are organised in a democratic manner based on proportional representation of voting.(c)Member Economic Participation: Members of cooperative contribute equitably to and democratically control the capital of their co-operative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership.(d)Autonomy and Independence: Co-operatives are autonomous, self help and self governing organisations controlled by their members. If co-operatives enter into agreement with other organizations, including governments, or raise capital from external sources they do so on terms that ensure their democratic control by members by retaining its autonomous character.(e)Education, Training and Information: Co-operatives provide education and training for their members, elected representatives, managers and employees so that they can contribute effectively to the development of their co-operatives. They inform the general public particularly young people and opinion leaders about the nature and benefits of cooperation.(f)Co-operation among Co-operatives: Co-operatives serve their members most effectively and strengthen the co-operative movement by working together through available local, national, regional and international structures.(f)Concern for Community: While focusing on their member needs and wishes, co-operatives work for the sustainable development of communities through policies approved by their members.
