Candidates attempted question (6a) creditably. But the candidates, performance in question (6b) were not impressive. They could not differentiate clearly between co-operative society and a private limited company. Some of the difference expected were:
(lb) Differences between co-operative society and private companies.
| Private Limited Companies |
Cooperative Societies |
| 1.Membership is limited to family and close friends. |
Membership is open to members of the public. |
| 2.Votes are based on the number of shares held. |
Every member hasone voe irrespective of number of share held. |
| 3.The objective is to make profit. |
The aim is to save the interest and welfare of members. |
| 4.Profits are shared based oncapital. |
Profits are shared based on patronage. |
