THE CO-OPERATIVE DEFINITION

The ICA defines a co-operative enterprise as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. The Co-operative definition is therefore universally acknowledged and form the hallmarks of their unique identities, and which distinguishes them from other conventional business enterprises. Unlike other corporate legal entities or other unincorporated bodies, Co-operatives are not for profit but for service; they are people-centred enterprises owned and run by, and for their members to realize their common dreams. They bring people together in a democratic and equal way, managed by the ‘one-member, one-vote rule’, which is another key distinguishing trait that separates Co-operatives from other corporate legal entities.