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|| || PUBLIC CORPORATION || COOPERATIVE SOCIETY
(i) Formation || Act of parliament or decree || May only be registered Under co-operative Laws
(ii) Sources of Funds || Government And through grants || Voluntary Contributions by members
(iii) Management || Board of directors || Elected Commitee
(iv) Business Motive || Provide Essential services to the general public || To promote member’s welfare
(v) Decision Making || Government || Members of the committee
• Step 1: The promoter devises a scheme of capitalisation, bearing in mind the cost of formation, assets to be bought and working capital.
• Step 2: The promoter is required to secure the service of a solicitor to prepare certain documents to be filed with the registrar of companies. The documents are
(i) memorandum of association
(ii) Article of Association
(iii) statement of Nominal capital
• Step 3: The documents are stamped and lodged with the registrar of companies.
• Step 4: After going through the documents, the registrar of companies then issues a certificate of incorporation to the company. This gives the company the power to commence business.
• Step 5: A private company can commence business after recieving the certificate of incorporation.