Amendment status not verified — confirm the current text below against the official source.
Except otherwise provided in this Act no transfer or charge of his share or interest by a member of a society with unlimited liability shall be valid unless- (a) he has held such share or interest for not less than one year; and (b) the transferer or mortgager is either a member of such society or a person where application for membership has been accepted 396 THE ASSAM GAZETTE, EXTRA ORDINARY, FEBRUARY 4, 2012 SHARE OR INTEREST NOT LIABLE TO ATTACHMENT NOMINATION OF TRANSFEREE TRANSFER OF INTEREST ON DEATH OF MEMBER DISPOSAL OF SHARES OR INTEREST OF CEASED MEMBERS LIABILITY OF MEMBERS ON WINDING UP OF SOCIETY 54 Notwithstanding anything contained in any other law for the time being in force and subject to the provision of section56, the share or interest of a member in the capital of a registered society or in any fund under section65 shall not be liable to attachment or sale under any decree or order of a court in respect of any debt or liability incurred by such member nor be subject to any claim by a receiver under the Provincial Insolvency Act,1920.