Co-Operative Societies Act · s 27

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s 27Restrictions on transfer or charge of share or interest

(1)

The transfer or charge of the share or interest of a member or past member or deceased member in the capital of a registered society shall be subject to such conditions as to maximum holdings as may be prescribed by this Act or by the rules.

Co-operative Societies 20

(2)

In the case of a society registered with unlimited liability, a member shall not transfer any share held by him or his interest in the capital of the society or any part thereof, unless —

(a)

he has held such share or interest for not less than one year;

and

(b)

the transfer or charge is made to the society, or to a member of the society, or to a person whose application for membership has been accepted by the committee members.