Amendment status not verified — confirm the current text below against the official source.
Restrictions on transfer of shares or interest :– (1) The trans- fer of a share or interest of a member in the capital of a 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 interest in a 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. (3) Where a member of a Co-operative Farming Society has pooled lands in favour of the Society no such land shall be withdrawn from the Society within such period as may be specified in the Bye-laws of such Society. 1[(4) Notwithstanding anything contained in the preceding Sub-Section where a person ceases to be a member of any Society by reason of resignation or expulsion or by reason of incurring any disqualification provided under this Act or the Rules or under the Bye-laws of the Society, the Society may retire the shares of or the interest in the share capital held by such person on pay- ment of the face value of such share or in interest.]