Section 25 in The M.P. Co-Operative Societies Act, 1960
25. Restrictions on transfer of shares or interest.
(1)The transfer of a share or interest of a member in the share capital of a society shall be subject to the restrictions as to the maximum holdings specified in Section 24.(2)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 year;(b)the transfer is made to the society or to a member of the society; and(c)the transfer is approved by the Committee.
