APPLYING THE CO-OPERATIVE FORMULA

Most people have been made to coggle about and waste their precious time and effort by some wolves in sheep’s clothing, just because don’t understand the actual process of setting up a co-operative society. This is neither strange nor funny as persons from almost every aspect of life fall victim to traits like this, as an amateur. To benefit from what we are actually discussing about in this book, which is “STEPS TO SETTING UP CO-OPERATIVE SOCIETIES” this book will not just help those intending to set up co-operatives alone, rather, it will add to the knowledge of managing co-operative societies, which you already know.

Most of the information’s you will find here might be what you already know, but if you remind yourselves of it and act on it, you will see the true benefit you’ll obtain as a co-operator. To start up this entertaining TRIP, let’s consider the words used in the co-operative society BYE-LAWS. They are expected to guard you through this trip.

What You Must First Do, Before Your Co-operative Group Is Set Up:

1.1a.    About ten individuals who knows and trust themselves and have a common goal or pursuit are expected to come together, to discuss ways they hope to excel in their various businesses, and also what to do to help the immediate Community. After conducting with themselves and seeing the possibilities of succeeding if they work together, they are expected to make their intention known to the Co-operative officer in charge of the Area/LGA they operate from.

1.1b.    The Co-operative officer is expected to visit the group during  their meeting, to ascertain whether they have been pre-informed or not. This visit by the officer will display the authenticity of the existence of such group. In the visit, the officer is likely to educate them on the primary guidelines of setting up a co-operative society, what a co-operative society is, how a co-operative society is expected to function, its financing and the ways they generate funds.1.1c.    The requirements to meet up with before setting up a reputable co-operative society are made known to them. The reason of thrift payment by co-operators is decisively explained to them in detail. The need not to be in a hurry in running a co-operative society is brought bare before them.

1.1d.    The co-operators will then be expected to start some savings in which part of it will be used to register the co-operative after which on routinely, the officer visits them and check their various record books to make sure they are acquainted with the understanding of book keeping and how to record them.

1.1e.    During these several visit by the officer in charge, who is certain that they have gradually saved enough money to register the group and alsovery sure that after the registration that the co-operative group will still have some money left, he/she will then advice the co-operators to write an application to the Director of Co-operatives through the registrar of the co-operative societies, which he/she will attest to that he is recommending them for registration.