Section 50 in The Bihar Co-operative Societies Rules, 1959
50. Refund of share money and transfer of shares.
(1)No member of a registered society shall be entitled to transfer his share or interest in the society until he has held the same for a year and while he is indebted to the society.(2)Share may be transferred with the approval of the Managing Committee to a member or to a person who has applied for membership and is eligible for admission as member and whom the committee is willing to admit as such and no other transfer shall be permitted.(3)In the event of the Managing Committee refusing to admit as member a person nominated by a member as his heir or expelling a member the value of shares held by the member shall be paid to the heir or member concerned, as the case may be subject to the other provision of this Rule.(4)If a person ceases to be a member of a society on any ground other than expulsion or death, the value of the shares held by him shall on the expiry of one year in general from the date on which he ceases to be a member be refunded to him or to his heir, as the case may be, subject to adjustment of dues, if any, of the society and no dividend shall be payable from the said date but interest may be allowed thereon at a rate not exceeding such rate as may be fixed for savings bank deposits by the general meeting.(5)If a registered society is dissolved, the net value of the shares held by it in any other society as ascertained in the manner laid down in Rule 52 shall, subject to the provision of Section 22, be paid to the liquidator of the society, within a period of three months from the date of dissolution.
