Amendment status not verified — confirm the current text below against the official source.
(1) The transfer or change of the share or interest by a member in the capital of the Co-operative society shall be subject to such condition as to maximum holding as may be prescribed and shall require the approval of the board. (2) No transfer or change of a share or interest by a member of a Co-operative society with unlimited liability shall be valid unless— (a) he has held such share or interest (save in the case of transfer under sec- tions 70, 71, 73 or 74) for not less than one year; and (b) the transferee or the mortgagee is either a member of such Co-operative society or a person whose application for membership has been accepted by the Co-operative society. (3) Where the State Government is a member of a Co-operative society, the restriction under this section shall •not apply to any transfer made by it of its share or interest in the capital of the Co-operative society.