COOPERATIVES
HIDDEN POTENTIALS
Work together and share
the profits - that is the essence of a co-operative business. However, not may
are fully aware of the vast opportunities offered by co-operatives, as a means
of earnings, income supplements, or financial assistance.
What is a co-operative?
According to the Department of Co-operative Development Malaysia, 'a co-operative
is an association of perosn, usually of limited means, who have voluntarily
joined together to achieve a common economic end through the formation of a
democratically controlled business organistion, making equitable contribution
to the capital requirement and accepting a fair share of the risks and benefits
on the undertakings.'
It sounds complicated but
is actually a simple economically viable concept - it only requires a group
of people coming together, pooling their resources, and working in harmony towards
a common goal. This promotes traits like co-operation, solidarity, respect,
sincerity and trust among group members - traits that should exist in each and
everyone of us in the first place.
The advantages of co-operatives
are manifold - democratic management, equitable division of profits, promotion
of co-operative education, competitive pricing, diversified activities such
as banking, housing, land development, insurance, transport, and so forth -
all for the economic and social benefits of the members, and the community as
a whole.
In Sarawak, there are currently
470 co-operative with 222, 127 members involved in various sectors e.g. finance,
consumer goods, education, and the service industry. The co-operatives are governed
by the Co - operative Act 1993, the Co-operative Regulations 1995, and its respective
by laws.
To set up a co-operative,
contact the State Co-operative Development Department to file an application,
The Dept provides co-operative training. and also acts as an advisory and monitoring
board. Upon approval of the application, a protem commitee must be formed, max.
of 12 persons, to determine the type, objectives, activities, by-laws of the
co-operative as well as to maintain a prospective members registry ( min. 100
prospective members registered before the inaugural general meeting convenes).
The other choice is to join
a co-operative. Membership is open to all who are willing to accept the rights
and the obligations as members and abide by the rules and regulations laid down
by the Act. the Regulations made thereunder, and the by-laws of the co-operative.
Which path is taken, i.e.,
to set up or join a co-operative, there are great potentials in enhancing the
economic and social worth of an invidual, a family, a state, and ultimately
a country.
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