Section 27 in Sikkim Co-Operative Societies Act, 1978
27. Restriction 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 the restrictions specified in section 26.(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 the society or to a. member of the society; and(c)the transfer is approved by the Committee of the society.
