Section 20 in Sikkim Co-Operative Societies Act, 1955
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 be prescribed by this Act or by the rules.(2)Except or otherwise provided in this Act, no transfer or change of his share or interest by a member of society with unlimited liability shall be valid unless:(a)he has held such share or interest for 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.
