Restrictions on transfer of shares or interest.

(1) 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 co-operative year; and (b) the transfer is made to a member of the society. (2) Notwithstanding anything in sub-section (1), no member of a financing bank or a federal society shall transfer his share or interest in such bank or society to an individual member, his heir or legal representative.