Restrictions on transfer of shares or interest

Restrictions on transfer of shares or interest:

1. (1) 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 co-operative year ; and
   • (b) the transfer is made to a member of the society.
2. (2) Not with standing anything in Sub - section(1), no member of a financing

bank or federal society shall tranfer his share or interest in such bank or

society to an individual member, his heir or legal representative.