Section 78 in The West Bengal Co-Operative Societies Act, 1983
78. Restriction on transfer of share or interest. -
(1)The transfer or charge of the share or interest of a member or a co-operative society in the capital of the co-operative society shall be subject to the provisions of this Act and to such conditions as to the maximum holding as may be prescribed and shall require the approval of the board:Provided that in the case of a member of a co-operative society with unlimited liability, such transfer or charge shall not require the approval of the board.(2)No transfer or charge of his share or interest by a member of a co-operative society with unlimited liability shall be valid unless-(a)he has held such share or interest (save in the case of transfer under sections 80, 81, 83 or 84) for not less than one year; and(b)the transferee or the mortgagee is either a member of such cooperative society or a person whose application for membership has been accepted by any other co-operative society.(3)Where the State Government is a member of a co-operative society, the restrictions under this section shall not apply to any transfer made by it of its share or interest in the capital of the co-operative society.
