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What is the Difference between cooperative societies and mutual associations?
Wiki User
∙ 15y ago
Co-operatives are businesses owned by their workers or customers, who share the profits. Here are some of the features they have in common. * Open membership * Democratic control (one member, one vote) * Distribution of surplus in proportion to purchases * Promotion of education Mutual associations are similar to co-operatives in that they are 'owned' by their members rather then outside investors. (a) Some financial companies used to be mutual associations. However, building societies in the UK such as the Abbey National and the Halifax converted from being mutual associations to being benks. The Nationwide Building Society has held out against this, so far citing the lower interest rates it can offer to borrowers. (b) Some insurance companies are mutual associations, such as Equitable Life. Again there are no external shareholders to satisfy.
Wiki User
∙ 15y ago
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