Short Answer

You can transfer your membership or sell your share in a cooperative society after obtaining the necessary approval as per the Gujarat Cooperative Societies Act, 1961.

Detailed Explanation

Section 30 of the Gujarat Cooperative Societies Act, 1961 governs the transfer of membership or shares in a cooperative society. This section states that a member of a cooperative society can transfer his membership or shares subject to the provisions of the by-laws of the society and with the approval of the society's committee. The member must give notice in writing to the society about the transfer, and the society has the right to refuse the transfer if it is not in the interest of the society.

In practice, before transferring your membership or selling your share in a cooperative society, you need to review the society's by-laws to understand the specific procedures and requirements for such transfers. You must then submit a written request to the society's committee seeking approval for the transfer. The committee will evaluate the request based on the society's rules and regulations and may approve or reject the transfer accordingly.

Real-world Scenarios

• Mr. Patel wants to sell his share in a cooperative housing society in Gujarat. He checks the society's by-laws and finds out that he needs to seek approval from the society's committee for the transfer. He submits a formal request to the committee, and after review, his transfer is approved.

• Mrs. Shah wishes to transfer her membership in a cooperative credit society to her daughter. She follows the procedure outlined in the society's by-laws, obtains approval from the committee, and successfully transfers her membership to her daughter.

• Mr. Desai wants to sell his flat in a cooperative housing society. He initiates the transfer process by informing the society in writing and seeking approval. The society's committee reviews his request and approves the transfer after ensuring it complies with the society's rules.

Reference

• Section 30 of the Gujarat Cooperative Societies Act, 1961: Official PDF