Amendment status not verified — confirm the current text below against the official source.
(1) The transfer or charge of the share or interest of a member in the capital of a co-operative society shall be subject to the provisions of this Act and to such conditions as to maximum holding as may be prescribed and, in the case of a member of a society with limited liability, shall require the approval of the managing committee of the society. (2) No transfer or charge of his share or interest by a member of a society registered with unlimited liability shall be valid unless— (a) he has held such share or interest (save in the case of transfers under any of the provisions of sections 69, 70, 71, 73 or 74) for not less than one year; and (b) the transferee or mortgagee is either a member of such society or a person whose application for membership has been accepted or another co-operative society. (3) Where the State Government is a member of a co-operative society, the restrictions contained in this section shall not apply to any transfer, made by it, of its share or interest in the capital of the society.