Amendment status not verified — confirm the current text below against the official source.
Validity of transfer or charge of share or interest: Except otherwise provided in this Act, no transfer or charge of his/her share or interest by a member of a Society with unlimited liability shall be valid unless- a) He/she has held such share or interest for not lessthan 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.