law: Co-Operative 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.