WAEC - Commerce (2010 - No. 40)
Which of the following is not a feature of co-operative society?
Owners are the customers
Capital can be repaid to a member
Votes are according to shares held
Dividend is based on patronage
Explication
Features of a Cooperative Society
- As it is a voluntary association, the membership is also voluntary.
- There is limited liability of the members of co-operative society.
- Liability is limited to the extent of the amount contributed by members as capital.
- An elected managing committee has the powers to take decisions.