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Features of co-operatives.

Answer Text:
Features of co-operatives.
(i) Membership is open to all persons so long as they have a common interest.
(ii) Co-operative societies have a perpetual existence; death, bankruptcy or retirement of a member does not affect its operations.
(iii) They are managed in a democratic manner. Every member has one vote when electing the managerial committee irrespective of the number of shares held.
(iv) Co-operative societies have limited liabilities.
(v) There must be a minimum of 10 people
with no maximum membership.
(vi) Co-operatives have a separate legal entity from the members who formed it i.e. they can own property sue and be sued