- The co operative societies Act came into force on 01-03-1912
- Main objectives of 1912 Act is, Non credit co operative societies were formed
- This Act include 50 Sections
- As per 1912 Act, Minimum number of persons required to form co operative society was 10
- Societies were classified on the basis of liability, that is limited and Unlimited
- Member should hold shares more than Rupees 1000
- 25 Percentage of the profit transferred to Reserve fund
- 75 percentage of the profit distributed to members
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