Cap. 442 Art. 58Transfer of shares or other interest.

(1) No member of a society shall transfer any share held by him or his interest in the capital of the society or any part thereof unless -

(a) he has held such share or other interest for not less than one year; and

(b) the transfer is in favour of the society, a member of the society or a person whose application for membership has been accepted by the committee of management of the society.

(2) No transfer of a share or other interest shall be valid and effective unless and until such transfer and the name of the transferee has been approved and registered by the committee of management.