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Co- operative Society: Function & ActivityKingshuk Multi- purpose Co- operative LTD

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KINGSHUK CO- OPERATIVE LTDFUNCTIONS AND ACTIVITIES

Submitted to, Salahuddin Ahmed KhanProfessor Department of Finance Faculty of Business Studies University of Dhaka

Submitted by,

Group: 03, Section: BZUBAIRIA KHAN JANNATUN NAHAR FARAH LAMIYA MD. YOUNUS ALI RAZIYA SULTANA SHARMIN AKTER 14-050 14-092 14-102 14-122 14-166 14-114

BBA, 14th Batch Department of Finance University of Dhaka Date of Submission: May 16, 2010

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LETTER OF TRANSMITTALMay 16, 2010 Salahuddin Ahmed Khan Professor, Department of Finance University of Dhaka Subject: Submission of term-paper. Sir, It is an immense pleasure for us to submit the term paper on Co- operative Society: Function and Activity, which is prepared as a partial requirement of the course named Financial Market and Institutions (F-304) of BBA program under Department of Finance of Faculty of Business Studies, University of Dhaka. This study has given us the opportunity to learn about the Co- operative Society in details as well as its operations & contribution to the economy. Moreover, this study provided us the privilege to know about the new pattern of co- operative practice adopted by Kingshuk Co- operative LTD. We would like to convey our special thanks and gratitude to you for patronizing our effort & for giving us proper guidance and valuable advice. We have put our best effort to ensure the authenticity of the report. We earnestly request you to call us if you think any further work should be done on the topic that you have chosen for us. Thanking you Group 3 14th Batch, Section: B Department of Finance University of Dhaka

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Executive SummaryThe specific form of enterprise called co- operative, relying on the specified principles, has proven successful both in developed and developing countries. For socio-economic Co-operative Bank reduces banking exclusion and fosters the economic ability of millions of people by playing an influential role on the economic growth in the country and increases the efficiency of the international financial system

Kingshuk is one of the leading co-operative societies of Bangladesh,

playing

a model role in different sectors of co-operative in coordination with the government body. It works for the sustainable development of the socioeconomic status of the people in a socially responsible manner under the cooperative act, 2001 Kingshuk. The Kingshuk Co- operative is called as Society rather than an organization. This is because in this case people related to the co- operative are of similar background and mentality. Thus, they are being motivated with the thought that togetherness for a definite purpose will accelerate the achievement.

Kingshuk Co- operative there are different projects conducted under the main operational activities with the facility of necessary training & assistance. Such as- Kingshuk Abasan project, Kingshuk CNG station, Kingshuk participatory school, Kingshuk Greenhouse etc. Kingshuk co-operative fulfills the need to members & can take loan as own savings.

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Table of Contents

Chapter Chapter I Chapter II

TopicsConceptual to Practical 1.1 Conceptual Approach 1.2 Profile of Kingshuk Functions & Activities 2.1 Prime Functions 2.2 Division of Activities 2.3 Macro Projects 2.4 SOBAK in Details 2.4 Micro Projects Management and Finance 3.1 Managerial Hierarchy 3.2 Administrative Hierarchy 3.3 Project Management Policy 3.4 Financial System 3.5 Collective Leadership Method 3.6 Vision Planning Contribution to Welfare & Development 4.1 Translating Objectives to Welfare 4.2 Ultimate Positive Impact 4.3 Performance: Past & Present 4.4 Recognition & Achievement Analysis & Findings 5.1 SWOC Analysis 5.2 Seven Stage of Flourishing 5.3 Problem & Policy Implication

Pg No 06

12

Chapter III

20

Chapter IV

28

Chapter V

32

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Chapter I

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Conceptual Approach to Co- operativeCo-operatives represent the human qualities of ourselves; honesty, democratic consensus mutual concern and self-reliance. Our day starts with the fresh milk, the sugar we use in the preparation of sweets, the vegetables which add taste to our lunch, the jute and cotton made products which are the elements of comfort and fashion, the education our children are imparted, the fish and poultry products that we have for dinner, the juicy fruits we enjoy and the chocolates given to kids to put them sleep; all have some contribution of the co-operative movement. Indeed, co-operatives have touched our lives in more ways than one. Here comes a Graphical over-view of the eventual development of the relationship among Co- operative, Co- operative Movement and Co-operative Bank.

Co-operative Movement

An autonomous association of persons united voluntarily to meet their common, economic, social and cultural/needs and aspirations through a jointly owned and democraticallycontrolled enterprise

Voluntary movement of the people, carried out democratically by pooling together their resources or carrying on the given activity, with the purpose of the purpose of achieving or securing certain benefits or advantage which given to people cannot virtue and values such as self-help, mutual help, self-reliance and general goods of all

Co-operative Bank

A financial entity which belongs to its members, who are at the same time the owners and the customers of their bank where banks are often created by persons belonging to the same local or professional community or sharing a common interest.

Co-operative banks differ from stockholder banks by their organization, their goals, their values and their governance. In most countries, they are supervised and controlled by banking authorities and have to respect prudential banking regulations, which put them at a level playing field with stockholder banks. In Bangladesh Co- operative organization are supervised by the Governments office for Co- operative.

Co-operative

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Principals of Co- operative Bank

Unity & Equality

Self-help & Mutual Help

The principals are the heart of Co- operative organization which is the indicators of the road- map. Beside these principals there are few relevant factors which influence the operational activities of Co- operative organism: a. b. c. d. Proximity Discipline Honesty Economy

Service & Cooperation

Democracy & Impartiality

Features of Co- operative BankHere we reveal the special features of Co-operative Bank which make it different from other forms of financial institution. Its distinct features are:

1. Customer-owned Entities

In a co-operative bank, the needs of the customers meet the needs of the owners, as co-operative bank members are both. As a consequence, the first aim of a co-operative bank is not to maximize profit but to provide the best possible products and services to its members. Some co-operative banks only operate with their members but most of them also admit non-member clients to benefit from their banking and financial services. 2. Community Based Co-operative banks are deeply rooted inside local areas and communities. They are involved in local development and contribute to the sustainable development of their communities, as their members and management board usually belong to the communities in which they exercise their activities.

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3. Profit Allocation

A significant part of the yearly profit, benefits or surplus is usually allocated to constitute reserves in case of Co- operative Bank. A part of this profit can also be distributed to the co-operative members, with legal or statutory limitations in most cases. Profit is usually allocated to members either through a patronage dividend, which is related to the use of the cooperatives products and services by each member, or through an interest or a dividend, which is related to the number of shares subscribed to each member. 4. Democratic Control Co-operative banks are owned and controlled by their members, who democratically elect the board of directors. Members usually have equal voting rights. These are the fundamental principles of co- operative society or bank. All the co- operatives round the globe are to adopt and follow these under the respective legal condition.

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KINGSHUK MULTI- PURPOSE CO- OPERATIVE SOCIETY LTD.

Corporate ProfileKingshuk is one of the leading co-operative societies of Bangladesh, playing a model role in different sectors of co-operative in coordination with the government body. It works for the sustainable development of the socioeconomic status of the people in a socially responsible manner.

Mission

Our envisioned society will be selfsustained, free from all sorts of violence and pollution and will be based on equality, justice and wisdom with free mind set.

To ensure value based life-oriented education and employment opportunity for its referral groups community by creation and optimum utilization of resource through mutual cooperation irrespective of religion, caste and gender with restoration of environmental balance

Vision

Objective: Socio-economic development of the society Empowering low-level income group These objectives are the prime focus if the Kingshuk Co- operative Ltd. Different formalized projects are prepared and implemented with a close concentration on these five- in- one model of objectives.

Materializing collective effort

Create employment opportunity

Balancing social inequality

Slogan: Collective efforts for individual development B

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