Features of Co-operative Society:

(i) Meaning: Co-operative society is a voluntary association of persons, formed to provide services and economic welfare to its members.

(ii) Registration: The registration of a Cooperative society is compulsory in the state of Maharashtra, under Maharashtra State Cooperative Societies Act, 1960.

(iii) Membership: Membership of a Cooperative Society is open to all. Any person of sound mind can enter in Cooperative society.

(iv) Number of Membership: Minimum ten members are required and maximum there is no limit to join Co-operative Society.

(v) Liability: Members of the Cooperative society carry limited liability. The personal property of a member cannot be used for liability or debts of the society.

(vi) Aim of society: Generally, another form of business organization has its aim as profit. But, a Cooperative society has no aim of maximization of profit. They are formed with an aim of providing service and economic welfare to the members.

(vii) Legal status: Co-Operative societies are formed under a specific act, so they enjoy independent legal status different from its members.

(viii) Management: Management in a Cooperative society is based on the principle of ‘Democracy’. Shareholder/member enjoys equal voting right to decide management authority. ‘One Person One Vote’ principle is followed by the Cooperative society. 

(ix) Government control: There is strict Government control and supervision on working of Co-operative society. Generally, the state Government controls the activity of Cooperative society.