Short Answer

Yes, transfers of a member's share must be approved by the committee or registrar.

Detailed Explanation

Section 30 of the Gujarat Cooperative Societies Act, 1961 states, "No member of a society shall transfer his share or interest in the capital or property of the society or any part thereof." This means that any transfer of a member's share in a cooperative society requires approval as per the Act.

In practice, before transferring their share, a member must seek permission from the committee of the cooperative society. The committee will review the transfer request to ensure it complies with the Act and Rules. Additionally, the registrar of cooperative societies may also need to approve the transfer to ensure legal compliance.

Real-world Scenarios

• Mr. Patel wants to transfer his share in a cooperative housing society to his son. He must first obtain approval from the society's committee and registrar before proceeding with the transfer.

• A member of a cooperative credit society wishes to sell a portion of their share to another individual. The committee will assess the request and seek registrar approval before finalizing the transfer.

Step-by-step process:

• Member submits a transfer request to the committee.

• Committee reviews the request for compliance with the Act and Rules.

• Committee seeks approval from the registrar if necessary.

• Upon approval, the transfer of shares can be executed.

Reference

• Section 30 of the Gujarat Cooperative Societies Act, 1961

• Official PDF