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Tuesday 30 September 2014
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Short Notes

Q. Write short notes of the following:

(a) Chamber of Commerce.

(b) Indent.

(c) Labour-Saving Devices.

(d) Auction Sale.

(e) Memorandum of Association.

(f) co-operative Societies.

 (A) CHAMBER OF COMMERCE

Chamber of Commerce is a voluntary association of Businessmen Merchants, Financiers, Manufacturers and other Traders in a particular city or area formed for the purpose of promoting trade and business and protecting the business Interest of its members.

The following are the services rendered by a Chamber:

(1) Supply its members information on subject of their interest.

(2) The Chamber renders legal the members.

(3) Advisory services on Labour about practices and disputes are provided.

(4) Representations are made to the Government with regard to the various grievances of the members in connection with trade and idustry and other fiscal matters.

(5) Members are able to seek information from chambers with regard to custom regulations and completion of Certificate of Origin.

(6) It helps to enlighten the public on economic matters.

(7) Help and assistance of International Chamber is sought in standardized for, and contract.

(B) INDENT 

There are two methods or importing goods:

(a) Large Or big business importers place order for goods directly.

(b) Small importers place order for goods upon Indent houses. They act as agents between an importer.

Under Indent system an importer fills in an Indent from which contains the details of goods to be imported and related matters. It is a kind of application by the importer to the Indent house. On the acceptance of the indent, the Indenter charge certain commission for their services.

Memorandum of Association

Memorandum of association is the most important documents of the company which contains the financial conditions upon which alone the company may be incorporated. It defines the limitations and the powers of the company. The, objects of Memorandum is to enable the shareholders and creditors to know its scope. It is, therefore, prepared very carefully. It is printed, divided in to paragraphs, numbered consecutively and signed by every one of the seven subscribers in the presence of a witness, Each subscriber should give his addressed and description and should take at least the specified number of shares. The Memorandum contains the following particulars.

(1) Name clause.

(2) Situation Clause.

(3) Object Clause

(4) Liability Clause

(5) Capital Clause

(6) Association Clause

CO-OPERATIVE SOCIETIES

Co- operative Societies as a forum of business organization is an economics enterprise ordinarily setup by “economically Weak”. lndividuals to combat capitalistic monopolies and to eliminate the middleman, competition, and waste and to bring the consumer and producer immediately together.

Co-operative Societies may, according to their nature of funtion, be divided into

the following four categories.

l. Agriculture credit Societies

2. Agriculture non-credit Societies

3. Non agriculture credit societies

4. Non agriculture non-credit societies.

Such credit. They are already short of funds The Wholesalers possess ample Funds and can extend credit to the retailer.

(3) The Wholesalers direct the manufacture as regards the quality and quantity of the goods. They can do this edify they are in direct contact with the retailer who are In the know of market condition,

(II) SERVICES OF THE RETAILERS.

The Wholesalers renders very useful Services to the retailers are as follows:

(I) A wholesalers holds a large stock of different varieties of goods and thus enables the retailer to exercise their choice in selection.

(2) He grants them credit which the manufacturer donot and cannot afford.

(3) He communicates to the manufacturer all the requirements of the retailers with regard to the quality etc. of the goods and thus enables the retailer to obtain goods in demand.

(4) Finally, he regularizes the price by controlling the supply and thus nuinimises the risk of the retailer.

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