Restriction on transfer of share or interest of a Member

154B-7. Subject to the provisions of this Act, in case of a housing society, no transfer of share or interest of a Member or the occupancy right, except the transfer of his heir or a nominee, shall be effective unless,–
(a) the dues of housing society are paid ;
(b) the transferee applies and acquires Membership of the co-operative housing society in due course of time :
Provided that, the transfer of share or interest in respect of lease hold properties shall be governed by the terms of the lease, which are not inconsistent with lease of land to the co-operative housing society or with lease by housing society to its Members.
Explanation.— For the purpose of this section, occupancy right shall not include right of a tenant or a licensee on leave and license basis.