Co-Operative Societies Act 2008
7. Transfer of Shares
1. The Registrar may determine the forms to be used for the transfer of shares.
2. No transfer of a share shall be registered, without the approval of the Board, if made by a member who is indebted to the society, and, until the transfer of share is registered, no right shall be acquired against the society by the transferee nor shall any claim of the society upon the transferor be affected thereby.