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.