A group of people in a locality of Delhi used to go for a walk in the morning . After the walk , they would often sit together and discuss the subjects like Politics , Demonetisation , Elections , Market prices of different goods , etc . There was about fifty persons in this group . One day , instead of other subjects, their focus of discussion was Market Prices of Different Goods . During the discussion , the emphasis laid on the point was that goods become very costly by the time they reach the consumers after getting transported from the producers . Consequently , everyone's budget is getting disturbed . To get rid of this problem some people suggested that they should join together to form a society . The society would sell the goods to all the members as per their requirements after buying them in a large quantity directly from the producers . This suggestion was appreciated by all of them . They all became members of the society and encouraged other people also to become its members . In no time , 100 members assembled and the society was formed . The idea of forming the society immediately proved to be successful. Now their budget became balanced . A special characteristic of this society was that apart from its members it also sold goods to the other people of the society at cheaper rates . All of them were very happy with the formation of the society .
(a) Identify and explain the type of the society formed by them .
(b) Under what Act , the society must have been formed ?
(c) What is the liability of the members of the society so formed ?
(d) Explain any one merit of the society so formed ?