vi. Housing cooperative societies: These societies were formed for the procurement of land for the construction of houses on a homogeneous basis. These societies are formed by those members who intend to construct their own home. These societies provide loan to the members for the construction of houses. These also purchases, construction materials in bulk and provide these materials to its members at cheaper rates.
vii. Insurance cooperative societies: This society make contract with insurance companies for the purchase of different insurance policies for its member at a lower premium. This society may take a group insurance policy for its members. The main object of the society is to minimize the risk of its member.
viii. Transport cooperative societies: These societies were formed to provide transport services to its members at lower rates. Welfare bus scheme is an example of this type of society. A pass is handed over to the member for traveling on approved routes.
ix. Storage cooperative societies: These societies are formed for the provision of storage facilities to its member for perishable and non perishable goods at lower rates. These societies also provide grading and distribution services to its members.
x. Labour cooperative societies: These societies are formed by unskilled Labour for selling their services at reasonable wage rates. This type of society makes a contract with different firm for the provision of Labour to them.
xi. Miscellaneous societies: Some other important societies, in addition to the major form of societies discussed above include: processing cooperative societies, Fisheries co-operative societies Forestry and poultry Farming etc.
2.6.4 The procedure for registration of a Co-operative society.
For registration of co-operative societies, every state has an office of the registrar of co-operative societies which is under the Ministry of Commerce and Empowerment. The registrar of the society is responsible for the registration and controls of the co-operative societies.
The following procedures are adopted for the registration of a co-operative society:
Minimum Membership
A minimum of 10 adult persons are required for a co-operative organization. A person will be called a major or adult person when he/she has attained 18 (or above) years of age
Application
An application for registration is to be made to the registrar of the co-operative societies. Such an application for registration should include the following details:
i. Name and address of the society intended to be established.
ii. The aims and objective of the societies.
iii. The details of share capital held by the members.
iv. The bye-laws of the societies which contains rules and regulations for the management of the society.
v. The bye-laws must be signed by at least 10 members who have signed the application for registration.
vi. The application for registration is required to be signed by at least 10 members of the Co- operative societies.
Obtaining Certificate of Registration
When the registrar is satisfied with regard to the objects and the bye-laws of the society, he/she issues a certificate of registration to the society, which enable the society to enjoy the status of as separate legal entity, and after the registration process, the society can now began to accept new members and starts its business operations.
2.7 SURVEY OF THRIFT SOCIETIES IN SELECTED COUNTRIES
According to Taylor (1974), the first credit society was formed by Herman Schulze–Delitsch in 1851 to provide credit facilities for debt-ridden peasant farmers in Germany. Co-operative credit associations have been found in several countries to be well suited to providing loan facilities and stimulating savings as evidenced from the study of selected countries further discussed.
