CO-OPERATIVE SOCIETY SOFTWARE
Credit co-operative society- A credit co-operative society is an autonomous group of people association to same category come together deliberately to tend to they have common social, economic and cultural agendas and concerns through an enterprise which is jointly-possessed and controlled democratically by such people. It reflects the eagerness of the society to be capable to assistance each other while balancing the principles of social liabilities and mutual help for the welfare of members and profit earning to be capable to achieve efficiently for the long-term. Formation of a credit co-operative society is very easy. It does not involve any complicated and long formalities. Ten adult individuals can voluntarily form themselves into association and get it registered with the registrar of co-operatives. Like company form of ownership, the liability of its members is limited to extend of their capital in the credit co-operative society. It has a separate legal entity. Hence, retirement, death, lunacy, insolvency, etc of any member do not affect the perpetual existence of a credit co-operative society. Its management is entrusted to the managing committee duly elected by the member on the ground of one member one vote irrespective of the number of shares held by them. So, a credit co-operative society is a member-owned financial co-operative which is democratically controlled by its members, performed for the intention of promoting thrift, arranging credit at competitive rates and giving many other financial services to its members.