Restriction on transfer of shares or interest

(1) The transfer of a 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 holding as are specified in section 22. (2) No transfer by a member of his share or interest in the capital of 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 the society or a member of the society; and (c) the transfer is approved by the committee of management of the society. (3) Notwithstanding anything contained in sub-section (2) a co-operative society may, subject to such conditions as may be prescribed, permit the transfer of, acquire or retain the share or interest of any member in the capital of the society.