The business of co-operative society is generally managed by a committee elected by the members at annual general meeting. Since most of the co-operatives operate on a local scale, the meetings of the members are well attended, and this puts the managing committee under a lot of close supervision. ‘One man one vote’ is the basic element of co-operative democracy.
But in a cooperative, one member may have 10,000 shares and the other only 1 share, but each would command one vote only and no proxies would be permitted.
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