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Section 31: Restrictions on transfer of share or interest

The Bihar Co-operative Societies Act, 1935State Act of Jharkhand · Act 6 of 1935

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

(2) in case of society registered with unlimited liability, a member shall not transfer any share held by his interest in the capital or property of the society or any part there of unless -

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

(b) the transfer or charge is made to the society or to a member of society or to a person whose application for membership has been accepted by the society.

32. Liability of a past member and of the estate of a deceased member.

– The liability of a past member or of the estate of a deceased member for the debts of a registered society as they existed on the date of his ceasing to be a member or of his decease, as the case may be, shall continue for a period of two years from such date.

CHAPTER V Audit and inspection

Where this provision sits

ActThe Bihar Co-operative Societies Act, 1935
Section31
Marginal noteRestrictions on transfer of share or interest
JurisdictionState of Jharkhand
StatusIn force as published by the source

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