State Act
23
Section 23. Restrictions on transfers of shares or interest.
THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959.
Act no. 11 of 19591959In forceKarnataka (State Act)
23. Restrictions on transfers of shares or interest.- 1[(1) x x x]1 (2) No transfer by a member of his share or interest in a co-operative 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 a member of the society; and (c) the transfer is approved by the *board* of the society.