No transfer of shares shall be effective unless:-
(a) it is made in accordance with the provisions of the bye-laws;
(b) a clear fifteen days notice in writing is given to the co-operative society indicating therein the name of the proposed transferee. The consent, application for membership, and where necessary, the value proposed to be paid by the transferee;
(c) after the transferee has made payment of the value of the shares so transferred and paid the value of any interest to be transferred to the co-operative society, as may be agreed upon between the transferee, the transferor and the co-operative society, transfer shall be registered in the books of the co-operative society, the transferee shall thereupon become the member of the co-operative society and shall acquire all rights of the membership and shall hold such interest as from the date approved by the committee;
(d) thereafter all liabilities of the transferor due to the co-operative society are discharged, the transferor shall be paid the value of his shares transferred to the transferee determined in accordance with rule 27 and the value of the other interest transferred provided the value shall not exceed the amount actually paid by the transferor in acquiring such interest in the co-operative society.;
(e) The transferee shall hold such share subject to charge, if any;
(f) The co-operative housing society shall issue fresh share certificate with new serial number to the transferee after canceling the earlier share certificate.
(g) In case of co-operative housing societies transfer of share shall be in first degree blood relations as defined in clauses (vii) of rule 2.