Memebers in a Co-operative Society

The Members are Owners of the Co-operative

They share in the risks and responsibilities.  They finance their Co-operative by taking out shares. Co-operatives may sometimes borrow money from banks, from Government or from other sources to assist in the financing of their operations.

 

The Members also control their Co-operatives

Supreme authority is vested in the members at an Annual General Meeting. Through this meeting members:-

• Decides on the amount of reserve to put aside

• Amend the Rules

• Approve the financials

• Appropriate surplus

• Elect a Board of Directors.

The members have the power to change the Management Committee if they are not performing their duties in the best interest of the Co-operative.  The management and direction of the Co-operative is entrusted to the Board of Directors for a stated period agreed on by members. The Board employs a Manager who supervises the day-to-day operations of the Co-operatives. 

 

Members patronize their Co-operatives

The member must make use of the services, which the Co-operative provides, for example, a fisherman purchases gears and markets his fish through his co-operative; whilst the farmer would purchase his feed and fertilizer from the Co-operative as well as market his produce through his Co-operative as does the Credit Union member who saves regularly in his co-operative and borrows money when needed.

In summing up, it can be said that Co-operatives help people to help themselves. Co-operatives are used to promote social progress for their members and to help them to better their economic and social well being.  They operate to provide service for members, and are also a source of education to their members in teaching them how to run their affairs.