Section 23 in The Orissa Co-operative Societies Act, 1962
23. Restrictions on transfer of shares or Interest.
(1)The transfer of a share or interest of a member in the capital of a Society shall be subject to such conditions and restrictions as to the maximum holdings as are specified in Section 22.(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 a member of the Society; and(c)the transfer is approved by the Committee of the Society.(3)Where a member of a Co-operative Farming Society has pooled lands in favour of the Society no such land shall be withdrawn from the Society within such period as may be specified in the Bye-Laws of such Society.(4)[ Notwithstanding anything contained in the preceding sub-section where a person ceases to be a member of any Society by reason of resignation or expulsion or by reason of incurring any disqualification provided under this Act or the Rules or under the Bye-Laws of the Society, the Society may retire the shares of or the interest in the share capital held by such person on payment of the face value of such share or in interest.] [Substituted by Orissa Act 21 of 1970 Section 4-See Orissa Gazette Extraordinary dated 20.10.1970.]
