Illinois Rules and Regulations Concerning Occupancy of Cooperative Apartment
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FAQ
Cooperatives are businesses owned by member-owners. Co-ops are democratically controlled by their member-owners, and unlike a traditional business each member gets a voice in how the business is run. Services or goods provided by the co-op benefit and serve the member owners.
Since most cooperative members are local residents, business profits remain and circulate within the community. Cooperative membership builds social networks and strengthens social cohesion, which are essential elements of strong, healthy communities, by connecting diverse community residents.
The people who benefit from the products or services of a cooperative business own the cooperative business. In the case of a grocery co-op, the people who shop at the store are owner-members.
Cooperatives are autonomous businesses owned and democratically controlled by their membersthe people who buy their goods or use their servicesnot by investors. Unlike investor-owned businesses, cooperatives are organized solely to meet the needs of the member-owners, not to accumulate capital for investors.
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 societies hold both land and building, either on leasehold or freehold basis, and members have an occupancy right upon paying an initial share and a monthly rent. Housing Mortgage Societies: These are like credit societies which lend money to their members for the construction of houses.
Process To Housing society registration:Step 1: Ten individuals required together who are desirous of forming a society.Step 2: Selection of chief promoter.Step 3: Naming of society.Step 4 :- Application has to be made to the Registration authority.Step 5 : Entrance fees and share capital.Step 6 : Opening bank account.More items...
A cooperative is also a form of shared or common-interest ownership, although it is much less common than the condominium.
To that end, a cooperative is a community of active adults who own an equity sharenot just a unitin the entire community through a not-for-profit Cooperative Corporation. Each equity share is held through an official Membership Certificate upon purchase.
A cooperative is an association of persons (organization) that is owned and controlled by the people to meet their common economic, social, and/or cultural needs and aspirations through a jointly-owned and democratically controlled business (enterprise).