This was poorly attempted, they did not understand the word "features", they were
writing about the formation of co-operative society.
The features are as follows:
1. Open membership-anybody in the same line of trade can become member.
11.They do not sell on credit.
111. Their profits are tax free.
IV. It is managed by elected management committee.
The disadvantages of co-operative society are:
i. Inefficient management
Disincentive to invest more capital or give loans, the profit are shared based on patronage instead of on capital invested.
iii.Democratic means of electing the leaders etc.