Section 61: Shares

61. Shares (1) No share shall be issued at less than its par value. (2) Every share shall be registered and indivisible. (3) No share shall be transferred by a member unless the share has been fully paid up by him. (4) No person shall hold more than 30 per cent of the issued share capital of a society. (5) Subject to subsection (6), a society shall, in its rules, fix the maximum number of shares, or a maximum percentage of the share capital of the society, that a member may hold. (6) Where all the members of a society are societies, the percentage of share capital that may be held by a member shall not be limited. (7) Where, for the purpose of a merger of 2 or more societies, shares are issued for consideration other than cash, the societies shall not merge unless the merger is approved at the general meetings of the societies involved with the merger. (8) Where shares are to be issued in consideration of any property other than cash, the shares shall not be issued unless— (a) a proper valuation certificate is issued by a qualified valuer or such other person who may be qualified for that purpose; and (b) the approval of the general meeting of the society to which the property has to be transferred is obtained.