Restrictions on transfer of share or interest

Restrictions on transfer of share or interest. –

1. (1) The transfer or charge of the share or interest of member in the capital of registered society shall be subject to such conditions as to maximum holding as may be prescribed by this Act or by the Rules.
2. (2) in case of society registered with unlimited liability, a member shall not transfer any share held by his interest in the capital or property of the society or any part there of unless -
   • (a) he has held such share of interest for not less than one year; and
   • (b) the transfer or charge is made to the society or to a member of society or to a person whose application for membership has been accepted by the society.