Section 27 in Andhra Pradesh Co-Operative Societies Act, 1964
27. Restrictions on transfer of shares or interest.
(1)No transfer by a member of his share or interest in a society shall be valid unless-(a)the member has held such share or interest for not less than one co-operative year ; and(b)the transfer is made to a member of the society.(2)Notwithstanding anything in sub-section (1), no member of a tinancing bank or a federal society shall transfer his share or interest in such bank or society to an individual member, his heir or legal representative.
