Amendment status not verified — confirm the current text below against the official source.
(1) The transfer of share or interest of a member in the capital of a Co-operative Society shall be subject to such conditions and restrictions as to the maximum holdings as are specified in section 22. (2) No transfer by a member of his share or interests in a Co-operative Society shall be valid unless–– (a) the member has held such share or interest for not less than one year ; (b) the transfer is made to a member of the Society ; and (c) the transfer is approved by the Committee of the Society.