Restrictions on transfer of shares or interest.

(1) The transfer of a share or interest of a member in the capital of a 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 interest in a society shall be valid unless- (a) the member has held such share or interest for not less than three years; and (b) the transfer is approved by the committee of the society.