CO OPERATIVE MOVEMENT IN INDIA

• Co operative movement in India is a Government sponsored movement 

• Deccan Agricultural Relief Act 1879

• Land Improvement Loan Act 1883

• Agricultural Loan Act 1884

• Land Improvement Loan Act 1883 and Agricultural Loan Act 1884 together called Taccavi Loans

• During 1892 Madras Government appoint Federic Nicholson to Study the village bank in Europe 

• Father of co operative movement in India  Sir Federic Nicholson 

• Sir Federic Nicholson submitted the report in 1895

• The name of the report was" Find Reiffesen"

• The report suggested to establish co operative societies for rural credit 

• In 1901 Famine commission was established 

• In 1904 the co operative credit society  Act was passed 

• The Co operative Credit Societies Act passed on 25 March 1904

• First co operative law in India is Co operative Credit Society Act 1904

• Lord Curzon was the viceroy in 1904

 The main features of the Act 1904 were

1. The Act has 29 sections
2. Minimum number of person required to start a co operative societies were 10 person 
3. Societies were classified on Rural and Urban
4. Rural societies were to be organized on Reiffesen model 
5. Liability of the societies were Unlimited 
6. Loans provided for members, only for productive purpose
7. Urban societies were organized on Schulze Delitzsch Model 
8. Liability of urban socities were Limited 
9. Registrar was supported to be organized and control the society 
10. One man one vote was specified in this Act  
11. Non credit societies are not allowed to register as per this Act
12. No member could hold shares worth more than Rs 1000