Section 27
Section 27
(1)
The transfer or charge of the share or interest of a member or past member or deceased member in the capital of a registered society shall be subject to such conditions as to maximum holdings as may be prescribed by this Act or by the rules.
Co-operative Societies 20
(2)
In the case of a society registered with unlimited liability, a member shall not transfer any share held by him or his interest in the capital of the society or any part thereof, unless —
(a)
he has held such share or interest for not less than one year;
and
(b)
the transfer or charge is made to the society, or to a member of the society, or to a person whose application for membership has been accepted by the committee members.
Liability of past member and estate of deceased for debts of society.