Types and Categories of Cooperative

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COOPERATIVE A cooperative is an autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic, and cultural needs and aspirations by making equitable contributions to the capital required, patronizing their products and services and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles. TYPES OF COOPERATIVES Cooperatives may fall under any of the following types: 1. Credit Cooperative is one that promotes and undertakes savings and lending services among its members. It generates a common pool of funds in order to provide financial assistance to its members for productive and provident purposes; 2. Consumers Cooperative is one of the primary purpose of which is to procure and distribute commodities to members and non-members; 3. Producers Cooperative is one that undertakes joint production whether agricultural or industrial. It is formed and operated by its members to undertake the production and processing of raw materials or goods produced by its members into finished or processed products for sale by the cooperative to its members and non-members. Any end product or its derivative arising from the raw materials produced by its members, sold in the name and for the account of the cooperative, shall be deemed a product of the cooperative and its members; 4. Marketing Cooperative is one which engages in the supply of production inputs to members and markets their products; 5. Service Cooperative is one which engages in medical and dental care, hospitalization, transportation, insurance, housing, labor, electric light and power, communication, professional and other services; 6. Multipurpose Cooperative is one which combines two (2) or more of the business

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