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.