Section 25 in Rajasthan Co-operative Societies Act, 1965
25. Restrictions on transfer of shares or interest.
(1)The transfer of a 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 24.(2)No transfer by a member of his share or interest in a cooperative 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 the society or to a member of the society or to a person approved by the committee of the society; and(c)the transfer is approved by the committee of the society.(3)Notwithstanding anything contained in sub-sections (1) land (2), where a member is allowed to resign or is expelled or ceases to be a member on account of his being disqualified by the Act or by the rules made thereunder or by the bye-laws of the society, the society may acquire the share or interest of such member in the share capital of the society by paying for it at the value determined in the manner prescribed:Provided that the total payment of share capital of the society in any financial year for such purposes does not, except with the previous permission of the Registrar, exceed ten percentum of the paid up capital of the society on the last day of the financial year immediately preceding.
