Cooperative Societies Act, 1912
14. Restrictions on transfer of share or interest
(1) The transfer or charge of the share or interest of a member in the capital of a 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 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.