Section 20 in The Meghalaya Co-operative Societies Act
20. Restrictions on transfer of share or interest.
(1)The transfer or charge of the share or interest of a member in the capital of a registered society, shall be subject to such conditions as to maximum holding as may by prescribed by this Act or by the rules.(2)Except as otherwise provided in this Act no transfer or charge of his share or interest by a member of a society with unlimited liability shall be valid unless(a)he has held such share or interest for not less than one year ; and(b)the transferee or mortgagee is either a member of such society or a person whose application for membership has been accepted.
