(1) Subject to the proviSion of the last preceding section as to the maximum holding of shares and to any rules made in this behalf,
3. transfer of, or charge on, the share or interest of a member in the share capital of a Society shall be subject to Such conditions as may be prescribed.
(2) A member shall not transfer any share held by him or his interest in the capital or property of any Society, or any part thereof, unless—
(a) he has held such share or interest for not less than one year ;
(b) the transfer is made to a member of the society or to a person whose appiication for membership has been accepted by the society.
(3) Notwithstanding anything contained in sub~Seciions (I) and
(2), where a. member is allowed to resign, or is expelled, or ceases to be a member on account of his being disqualified by this Act or by the rules made thereunder or by the bye-Iaws of the society, the society may acquire the share or interest of such member in the share capia’al by paying for it at the Value determined in the manner prescribed, provided that the total payment of share capital of a society in any financial year for such purposes does not exceed ten per cent of the paid up share mLpital of the society on the last day of the financial year immediately preceding.
Explanation :— The right to forfeit the share or interest of any expelled .nember in the share capital by virtue of any bye-laws of the Hmsicty, shall not be affected by the aforesaid provision.
(1) Where the State Government is a member of a society the wmriutions contained in this Section shall not apply to any transfer nm'lu by it nfits share or interest in the capital of the society ; and Hum, Howrnment may, notwithstanding anything contained in this Act, wil iulmw from the society its share capital at any time, after giving to Hm mmiety notice thereof not less than three months.
:m, (1) On the death of a member of a society, the society shall trzuzehn- the share or interest of the deceased mem her to a person or peramm n: minated in accordance With the rules, or, if no person has been so nominated, to such person as may appear to the eommitee, to be the heir or legal representative of the deceased member :
Restriction:
on transfer or charge 0 I) share or interest.
Transfer of interest on death of member.
lzt
Provided that, such nominee, heir or legal represwtetive as the can may be, is duly admitted as a member of the society ; ‘
Provided further that, nothing in this sub-section or in Section 2!
shall prevent a minor or a person of unsound mind from acquiring l.
inheritance or otherwise, any share or interest of a deceased member i a society. .
(2) Notwithstanding anything contained in Snb-section (I), an such nominee, heir or legal repreSentative, a=- the cafe may be, mu require the society to pay to him the value of the share or interest 0 the deceased member, ascertained in accordance With the rules.
(3) A society may pay all other moneys due to the decease member from the society to such nominee, heir or legal representatiw as the case may be.
(4) All transfers and payments duly made by a society in accor dance With the provisions of this section, shall be valid and efiectu against any demand made upon the society by any other person.
U . 31. The share or interest of a member in the capital of a societwhere or In-ter.“ not or in the loanstoek, issued by a housing society, or in the funds, raise liable to by way of savings deposit, shall not be liable to attachment or sale nnde BWRChmOM- any decree or order of a Court for or in respect of any debt or liabilit incurred by the member ; and accordingly .no person or authority unde any law for the time being in force, shall be entitled to or have any claim on, such share or interest. i Rights of n; embers to I 32. (1) Every member of a society shall be entitled to inSpect,i see books etc”?
free of cost, at the Boeiety’s office during office hours, or any time fixedl for the purpose by the society, a copy of the Act, the Rules and thei i bye-Iaws, the last audited annual balance sheet, the profit and loss J account, a list of the memb era of the committee, a register of members“!
=the minutes of general meetings, minutes of committee meetingsi 'and thosa portions of the books and resurds in which his transactions3g with the society have been :60 nded.
(2‘ A society shall furnish to a member, on request in writing and on payment of such fees as may be prescribed therefor, a copy of any of the documents mentioned in the foregoing snb-section within one month from the date of payment of such fees.