This statement is True.
i. Co-operative society is a society which has its objectives for the promotion of economic interests of its members in accordance with co-operative principles.” (Indian Co-operative Societies Act1912).
ii. Service is the main motive of the Co – operative organisation, even though earning reasonable profit is a secondary motive.
iii. One member one vote is the principle of Co – operative organisation which is different from one share one vote in other organizations.
iv. Membership is open to all irrespective of caste, creed, rich and poor etc. Surplus if any left after the detecting the expenditure from the Income is distributed among members.
v. Thus we can say that, Co – operative Society differs from other forms of commercial organizations