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(i) Managed by management committee which is elected by the members.
(ii) Democratic administration-based on one person one vote/ any member has a right to be elected to management committee.
(iii) Education to the members on principles governing the co-operative societies.
(iv) Membership is open and voluntary -as long as one meets the requirements of by-laws one is free to join.
(v) Members enjoy limited liability- they are not held personally liable for business debts.
(vi) They are separate legal entities separate from their owners.
(vii) They have perpetual life independent of that of owners.
(viii) Governed by by-laws-rules which are drafted by the members.
(ix) Distribution of surplus in proportion to each member's contribution.
maurice.mutuku answered the question on July 17, 2017 at 13:11
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