A community engaged in economic activity to benefit its members, whose number of members and capital are not been predetermined. The members participate in the activity by exploiting the services of the community. The founders of a co-operative society must number at least five. If the majority of the members are co-operative societies or communities, only three founding members are required. A co-operative society is entered into the Trade Register. A co-operative bank is a co-operative society engaged in banking activity.
Validity of the definition