Restriction on transfer of shares of Central Co-operative Society

Shares held by a co-operative society in a Central Co-operative Society shall not be transferable except when- (i) the co-operative society is split up, in two or more societies, in which case the Central Society may, with the approval of the Registrar transfer such proportion of the shares held by the Original Society to the new societies as is considered equitable; or (ii) any two or more co-operative societies are amalgamated or merged into one society in which case the Central Society may, with the approval of the Registrar, transfer all the shares held by the original societies to the new society in case of amalgamation and to the continuing society in case of merger; or (iii) a co-operative society has more shares in the opinion of he Registrar than it needs in which case the Central Society may transfer such shares (as are considered to be in excess of the need) to another society which is a member of the same Central society, on such terms and conditions as may be agreed upon between the transferer society and the transferee society and approved by the Central Society.