Amendment status not verified — confirm the current text below against the official source.
Restrictions on transfer of share or interest. - (1) The transfer of charge of the share or interest 13/46 of member in the capital of registered society shall be subject to such conditions as the maximum holding as may be prescribed by this Act or by the rules. (2) In case of society registered with unlimited liability, a member shall not transfer any share held by him or his interest in the capital or property of the society or any part thereof unless,- (a) he has held such share or interest for not less than one year; and (b) the transfer charge is made to the society or to a member of society or to a person whose application for membership has been accepted by the society.