COOPERATIVE societies play an increasingly important part in the economic life of many countries. Cooperation has existed ever since the early human beings discovered that working together, they could accomplish their tasks much more easily and effectively. Thus the historical foundations of modern cooperatives can be traced to the ancient Egypt and Babylon, the ancient China, the Roman Empire, the activities of the Aztecs in South America before the Spanish advent and conquest, and those of the American Indians as well as to the traditional African notion of working together for mutual benefits.