Shreek’s legal structure is very similar to Membership-Based Financial Organizations (MBFOs). The term membership-based organization refers to a range of organizations that are member owned and controlled, with membership defined either geographically (a community) or by activity (farmer cooperatives). More formal membership-based institutions include Savings and Loans Cooperatives and Credit Unions, while village-based Savings and Loan Associations can be much more informal. These associations are also known as Community-Based Financial Organizations (CBFOs). The degree of formality depends on factors such as scale, resources, level of systems development, financial product range, management capacity, and level of legal recognition.
Check this document below for more information: World Bank “Agricultural Investment Sourcebook”, Module 07: Agricultural Investment Note – Member-based Financial Organizations.