What is a co-operative?
A co-operative is an organization owned by the members who use its services or are employed there. Co-operatives can provide virtually any product or service.Cooperatives exist in every sector of the economy and can touch every aspect of our lives. You can be born in a health care co-op and be buried by a funeral co-op. In between you can work in a worker's co-op, live in a housing co-op, buy your groceries, clothing and other items from retail co-ops, send your children to a child care co-op, do all your banking at a credit union, and purchase your insurance from an insurance co-op.Cooperatives provide consumers with a distinct values-based and community-owned and controlled alternative. Unlike the private, public, or voluntary sectors, all Cooperatives around the world are guided by the same seven principles:
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The Registrar is an independent public office holder who administers the Cooperative Societies Act CAP.152 (COSO ACT CAP 152) This Act guides how Cooperative Societies are run. The COOP ACT CAP 152 started on 1982. The Registrar's office supports and regulates the cooperatives that are incorporated under the Coop Act. It does this in a variety of ways: by advising them on how to incorporate, by training managers, members and key staff in good corporate governance, by making sure they comply with the law and by intervening when needed.
Volunteer
Cooperatives are voluntary organizations, open to all people able to use its services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.
Democratic
Cooperatives are democratic organizations controlled by their members—those who buy the goods or use the services of the cooperative—who actively participate in setting policies and making decisions.
Economic
Members contribute equally to, and democratically control, the capital of the cooperative. This benefits members in proportion to the business they conduct with the cooperative rather than on the capital invested.
Independence
Cooperatives are autonomous, self-help organizations controlled by their members. If the co-op enters into agreements with other organizations or raises capital from external sources, it is done so based on terms that ensure democratic control by the members and maintains the cooperative's autonomy.
Education
Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of their cooperative. Members also inform the general public about the nature and benefits of cooperatives.
Cooperation
Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional and international structures.
Concern for the Community
While focusing on member needs, cooperatives work for the sustainable development of communities through policies and programs accepted by the members.