individual capital accounts. In certain cases, like the Mumbai Tiffin Box Supplier's Association in India, Member Buy-In's allow cooperatives to become completely financially independent from other sources of investment. Committed Capital/Preferred Stock Committed Capital, also known as Preferred Stock, are shares of capital offered to external accredited investors that are not a part of the cooperative. In order to maintain workers' ownership over the firm's decisions, these external investors have limited to no voting rights within the cooperative. Committed Capital often have non-guaranteed rates of return. However, Equal Exchange, a U.S.-based worker cooperative, offers preferred stock that still ensures at least a 5% return rate even during periods of economic recession. Because the communal ownership model of cooperatives makes it difficult for investors to determine the credit and reliability of their investments, they often rely on close analysis of the structure, management, and experience of each cooperative in order to decide in which one to acquire stock. State Financing In many countries, the state provides loans or direct funding for worker cooperatives' production, community programs, and investments. Government funding is especially important in assisting newly developing cooperatives in securing finances for the initial stages of business. In Spain, the Basque Government assists in financing cooperatives within the Mondragon Corporation and for many of Mondragon's education and healthcare programs. Additionally, the Basque Government financially assists Mondragon in acquiring declining capitalist businesses and transitioning them into worker cooperatives. The Indian government provides financing, often in the form of loans, to new cooperatives. The government of Kerala and the Khadi Development and Village Industries Commission in India often provide initial loans for cooperatives in order to help them eventually transition into relying primarily on Internal Capital Accounts. In 1978, the UK government set up the National Cooperative Development Agency and in subsequent years common ownership was promoted as a model to create employment, leading approximately 100 local authorities to establish cooperative development agencies. The Industrial Common Ownership Act authorized the Secretary of State for Industry to make grants and loans to organizations that assisted common ownership and cooperative enterprises. Grants were made to the Industrial Common Ownership Movement and the Scottish Co-operatives Development Committee, while loans were administered through Common Ownership Finance Ltd. However, this section was repealed in 2004. The Italian Government, through the Legge Marcora (Marcora Law) provisions of 1985, reformed in 2001, has established a financing mechanism of patient capital