Section 39(2) in Mizoram Cooperative Societies Act, 2006
(2)No member shall be permitted to transfer the share capital held by him or his interest in the capital or property of the cooperative unless:(a)the member held the share or interest in the co-operative for a period not less than three years;(b)the transfer is made to a member of co-operative or to a person whose application for membership has been accepted by cooperatives;(c)in the event of members or prospective members not coming forward to acquire such share or interest in the co-operative, the same may be transferred to non-members who are interested in the acquirement of such share and interest and who are prepared to abide by rules and regulations governing the co-operative with the condition that they shall become members of the co-operative at once.
