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The first co-operative societies act came into force on 25th of Mach 1904 in India to encourage self help and cooperation among agriculturist based on the English Friendly societies Act of 1886. This act was enacted for the constitution and control of cooperative credit societies.
Basic objective is to raise enough funds by deposits from members and other means and distribute as loans to members or to other credit societies with prior permission from the Registrar of co operative societies.
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