Restriction on transfer of shares or interest.

Corporate1989184 sections

Statutory text

(1) The transfer of share or interest of a member in the capital of a Co-operative Society shall be subject to such conditions and restrictions as to the maximum holdings as are specified in section 22.
(2) No transfer by a member of his share or interests in a Co-operative Society shall be valid unless––
- (a) the member has held such share or interest for not less than one year ;
- (b) the transfer is made to a member of the Society ; and
- (c) the transfer is approved by the Committee of the Society.

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