Section 23(2) in The U.P. Co-operative Societies Act, 1965
(2)No transfer by a member of his share or interest in the capital of a co-operative 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 a member of the society; and(c)the transfer is approved by the committee of management of the society.
