Section 9 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
9. Transfer of shares.
- Subject to the provisions of the Assam Co-operative Societies Act, a member may transfer any share or shares hold by him or any interest therein to a member of the Bank or to a person whose application for membership has been approved by the authority competent to admit members and allot shares :Provided that the Board or any other competent authority of the Bank may decline to register any transfer of share to a transferee whom the Board or the competent authority does not approve and shall decline to do so, if any debt to the Bank has been paid by the intending transferor-(a)Every instrument of transfer shall be presented at the office of the Bank for registration accompanied by certificate of shares to be transferred and such other documents the Bank may require ;(b)No transfer of shares shall be complete until the name of the transferee has been entered in the Share Transfer Register and a fee of Rs. 1/- per share, subject to a maximum fee of Rs. 5/-, has been paid for each transaction of transfer, provided that the fee in respect of each transfer by a Co-operative Society shall be Rs. 1/- only irrespective of the number of the shares transferred and transferee and transferrer shall both be Co-operative Societies ;(c)Any member transferring some of his shares only may be granted a new shares Certificate for the remainder of his shares on payment of the requisite fee, provided that such member shall return the old share certificates to the Bank ;(d)Transfer books and Register of members may be closed during such time as the Board thinks-fit and such Books shall be closed during the thirty days immediately proceeding any General Meeting of the Bank.
