A Cooperative Housing Society is a type of society that is usually governed by the legislation like cooperative housing societies act or other state laws in addition to the local regulations that are formed in consultation with the residents there. The society management system that is in place in such a locality is well developed in addition to the other amenities available there. Each function in society is performed by the responsible stakeholders. Each stakeholder is responsible for providing an amicable environment of cooperation and taking measures to improve the living climate of the housing societies.
Common characteristics
One of the most common characteristics of different types of cooperative society includes the democratization of control and the opinion of the residents that are taken into account while taking major decisions. Usually, the membership is voluntary and open. In addition to the corporation that is maintained in society, there is a high level of autonomy and independence that is available to the residents living there. Some of the members are also free to engage in economic collaboration with each other. From time to time, the society also organizes workshops for educating members about further goals and visions of the cooperative society.
Primary objectives
There are numerous objectives of cooperative housing societies.
- Some of them include loans that may be given to the members of the Cooperative Housing Society at a very low rate of interest or without any interest for the purpose of construction of buildings within the area of the cooperative society.
- The society also takes various measures to facilitate economic activities within the cooperative society so that the overall economic output as well as self-reliance increases in the long run.
- Another important objective of the cooperative society is to ensure that all the members enjoy the greatest possible amenities. This objective is achieved by mutual cooperation as well as decision-making by taking into consideration the opinion of the members of the society.
- In addition to this, society endeavors to promote a healthy standard of living among its members by encouraging such habits that are ethical in nature.
- Furthermore, a society also takes major steps to establish different institutions in society that are for the welfare of its members. These institutions may be social or educational in nature. The society also takes measures to set up recreational as well as public health institutions for the members of the society.
- In addition to this, different plans are made by members of the society or the board that is appointed by it for providing basic infrastructure and upgrading the existing infrastructure. This is done by giving special focus to amenities like roads, lightning, post office, and other facilities that are prerequisites in an advanced cooperative society.
Functions pertaining to cooperative societies
There are numerous functions that are performed by the people who are at the helm of affairs of a cooperative society.
- For instance, it is pertinent for the members of the cooperative society to maintain proper documentation as well as a book of records. This book of records mentions the activities that have been performed by the stakeholders as well as the financial transactions that they have performed over a period of time.
- In addition to this, the primary function of a cooperative society is not only to give loans to the residents of the society but also to recover installment of the loans that they have given to the members for building basic infrastructure or constructing a housing project.
- A statement of account is audited by the members of the society annually to check for any minor or major discrepancies. In addition to this, society also takes measures to examine the work and performance of the members who have been charged with executing specific tasks and functions.
- It is highly likely that specific stakeholders or members of society may be charged with the construction of projects like housing and drainage. It is the responsibility of the members of the society to supervise such projects and perform voluntary activities for the welfare of the Co-operative Society.
The bottom line
Different types of cooperative societies have already come into existence. We are also seeing the advancement of the cooperative society in various domains depending upon specific functions and functionalities. The modern digital era as well as the high living standards of the people are impressing the need for a modern and developed cooperative housing society. Such societies can truly advance the living standard of people and provide them with the necessary amenities and luxuries of life that they are looking for.