law: Co-Operative Societies Act 2008 
  99.
  
  Conditions for the validity of transfer of shares
  1.      Subject to the
  
  by-laws, no transfer of a share in a society is valid for any purpose unless-
  a.     
  
    a
  
  written application for membership by the transferee is approved and the
  
  transfer is authorised by-
                       
  
   i.        
  
    a
  
  resolution of the directors; or
                      
  
   ii.        
  
    a
  
  person authorised by a resolution of the directors to approve applications and
  
  transfers of that kind; and
  b.    
  
    notification
  
  of any approval given pursuant to paragraph (a) is sent to the
  
  transferee and his name has been entered on the register of members.
  2.      Notwithstanding
  
  subsection (1), a transfer of a share is valid for the purpose of evidencing
  
  the rights of the parties to the transfer.