Restrictions on transfer of shares or interest

(1) The transfer of a share or interest in the capital of a society shall be subject to such conditions and restrictions, as to the maximum holding as are specified in section 6. (2) A member shall not transfer any share held by him or his interest in the capital or property of any society or any part thereof unless- (a) he has held such share or interest for not less than one year; (b) the transfer is made to the society or to a member of the society or to a person whose application for membership has been accepted by the society; and (c) the committee has approved such transfer.