Co-operative Societies Act 1979 · 2020 Revised Edition · Part 4 · Rights and Liabilities of Members
44. Restriction on transfer of shares or interest
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The transfer or charge of the share or interest of a member or past member or deceased member in the capital of a society is subject to such conditions as to maximum holding as are laid down in section 43.
No member of a society may transfer any share held by the member or the member’s interest in the capital of the society or any part thereof unless —
member
“member” includes an individual person or institution qualifying for membership in a co-operative society, who or which join in the application for the registration of a society, and an individual person or institution admitted to membership after registration in accordance with this Act, the Rules and the by-laws;
the member has held that share or interest for at least one year; and
the transfer or charge is in favour of the society, a member of the society or a person, another society, a trade union or a platform work association whose application for membership has been accepted by the committee of management of the society.