A co-operative shall ,in its operations,observe and respect internationally recognised co-operatives and for the purposes of this Act these principles shall be that--
Owned and Controlled By Members
A co-op is owned and controlled by its members. It exists for the benefit of its members, who may be customers, workers, suppliers or the wider community.
Every member contributes financially in some way – from buying products, working for the co-op, investing in it or deciding how to spend its profits.
A co-op is an independent business, owned and controlled by its members.
A co-op is democratic – this means every member has an equal say in how it’s run and how profits are used.
Education and Training
It offers education and training to everyone involved, so they can develop the co-op and promote the benefits of co-operation.
It co-operates, works with and supports other co-ops.
A co-op supports the communities it works with.