Section 69(iii) in The U.P. Co-operative Societies Rules, 1968
(iii)a co-operative society has more shares in the opinion of the Registrar than it needs, in which case the Central Society may transfer such shares (as are considered to be in excess of the need) to another society which is a member of the same Central Society, on such terms and conditions as may be agreed upon between the transferor society and the transferee society and approved by the Central Society.
