This Statement is False.
i. A Co-operative society is a voluntary association of people who come together on the basis of unity and equality to protect and promote their common economic interest.
ii. The nature of co-operative organization is service oriented. Each for all and all for each is the principles of a co-operative society.
iii. 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)
iv. Thus the motto or object of a Co – operative Organisation is not to earn profit but to render service to its members.