Section 81 in The U.P. Co-operative Societies Rules, 1968
81.
(a)No transfer of shares by a member of a co-operative society to any person shall be effective unless -(i)it is made in accordance with the provisions of the Act, rules and the bye-laws of the society;(ii)a clear thirty day's notice in writing is given to the society indicating there in the name of the proposed transferee, his consent and application for membership, where necessary, and the value proposed to be paid by the transferee;(iii)all liabilities of the transferor to the society are discharged; and(iv)the transfer is registered in the society.(b)Any change in favour of the society on the share so transferred will continue unless discharged otherwise.
