Section 20: Restrictions on transfer of share or interest

The Assam Co-operative Societies Act, 1949State Act of Assam · Act 1 of 1950

(1) The transfer or charge • of the share or interest of a member in the capital of a registered society, shall be j subject to such conditions as to maximum holding as may be prescribed by this Act or by the rules.

(2) Except as otherwise provided in this Act no transfer or charge of his share or interest by a member of a society with unlimited liability shall be valid unless :—

(a) he has held such share or interest for not less than one year ; and

(b) the transferee or mortgagee is cither a member of such society or a person whose application for membership hag been accepted.

Where this provision sits

Act	The Assam Co-operative Societies Act, 1949
Section	20
Marginal note	Restrictions on transfer of share or interest
Jurisdiction	State of Assam
Status	In force as published by the source

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