Mutual societies are organizations owned and operated by their members, who typically share a common interest, such as insurance or savings. Members contribute to a common fund, which is then used to provide benefits, such as financial support or insurance coverage, to those in need. This structure allows members to have a say in how the society is run and to share in its profits. Unlike traditional companies, mutual societies do not have shareholders. Instead, any surplus generated is reinvested into the society or distributed among members. This model promotes a sense of community and cooperation, aligning the interests of members with the society's goals.