44.—(1) The transfer or charge of the share or interest of a member or past member or deceased member in the capital of a society shall be subject to such conditions as to maximum holding as are laid down in section 43.
(2) 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 that share or interest for not less than one year; and
(b)
the transfer or charge is in favour of the society, a member of the society or a person or a trade union whose application for membership has been accepted by the committee of management of the society.