Restriction on transfer of share or interest of a member.

Subject to the provisions of this Act, in the case of a co-operative housing society, no transfer of share or interest of a member or the occupancy right, except the transfer to his heir or a nominee, shall be effective, unless - (a) the previous permission of the co-operative housing society has been obtained by the transferor; (b) the dues of the co-operative housing society are paid or transferred to the transferee with the consent of the co-operative housing society; (c) the transferor vacates and gives possession of the premises to the transferee; and (d) the transferee applies and acquires membership of the co-operative society : Provided that the transfer of share or interest in respect of lease hold properties shall be governed by the terms of the lease.