law: Co-Operative Societies Act 2008 
  95.
  
  Transfer of shares generally
  1.       A share may be
  
  transferred with the approval of the Board to any other member at the option of
  
  the transferor, but if the transferee is not a member, he must be approved of
  
  as a member by the Board, or a general meeting held in accordance with the
  
  by-laws relating to the admission of members before the transfer can be
  
  registered; and if the by-laws require a member to hold more than one share,
  
  the transferee must acquire by the transfer, or by the transfer and allotment, the
  
  number so required to be held before the transfer can be registered.
  2.      A transfer of shares
  
  shall be effected in such form as the Registrar determines.
  3.      No transfer of a
  
  share shall be valid and effective unless and until such transfer has been
  
  registered by the secretary on the direction of the Board.
  4.      The transfer of a
  
  share by a member indebted to the society shall not be registered.