Restrictions on transfer of share or interest

(1) The transfer or charge of the share or interest of a member or past member or deceased 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 (2) In the case of a society registered with unlimited liability, a member shall not 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 interest for not less than one year; and (b) the transfer or charge is made to the society, or to a member of the society, or to a person whose application for membership has been accepted by the committee.