Restrictions on transfer of shares or interest

(1) The transfer of a share or interest of a member in the share capital of a society shall be subject to the restrictions as to the maximum holdings specified in section 24. (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 one year; (b) the transfer is made to the society or to a member of the society; and (c) the transfer is approved by the Committee.