(a) Mention four types of co-operative societies.
(b) State two distinguishing features and two functions of each type mentioned in 2(a) above.
Explanation
(a)Types of Co-operative Societies are:
(i) Multipurpose cooperative society.
(ii) Producer cooperative.
(iii) Credit, thrift and loans cooperative.
(iv) Consumer co-operative.
(v) Retail cooperative society.
(vi) Wholesaler cooperative society.
(b) The distinguishing features and functions of: Wholesaler co-operative:
(i) It is formed by wholesalers.
(ii) It buys in bulk from producers.
(iii) Settles disputes among members.
(iv) Sells in small units to co-operative retailers.
Retail Society:
(i) It is formed by consumers pooling their funds together to enable bulk purchases.
(ii) Goods are sold to members at a lower price.
(iii) Buying in bulk from wholesalers and selling in units among the members.
(iv) Profits are shared in proportion to the amount of purchase made by each member.
Producer Cooperative Society:
(i) It is formed by producers of similar commodities.
(ii) It engages in joint marketing of products.
(iii) It buys or hires equipment, machinery and raw materials at reduced rates.
iv) It organises co -operative production.
Credit and Thrift Society
(i) It encourages members to form the habit of saving.
(ii) It assists members by providing loans with low interest.
(iii) It is formed by the low income earners.
(iv) It settles disputes among members.
(v) It assists members to acquire assets.
(vi) Surplus profit is distributed to members.
(vii) It helps to improve the standard of living of members.
Consumer Co-operative:
(i) It is established by consumers.
(ii) It buys in bulk and distributes to members in small quantity.
(iii) The surplus is distributed to members in proportion to patronage.
(v) It settles disputes among members.