THE JAMMU AND KASHMIR CO-OPERATIVE SOCIETIES ACT, 1989
Section 23. Restriction on transfer of shares or interest.
(1) The transfer of share or interest of a member in the capital of a Co-operative Society shall be subject to such conditions and restrictions as to the maximum holdings as are specified in section 22.
(2) No transfer by a member of his share or interests in a Co-operative Society shall be valid unless––
(a) the member has held such share or interest for not less than one year ;
(b) the transfer is made to a member of the Society ; and
(c) the transfer is approved by the Committee of the Society.
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