Hong Kong Regulations

CO-OPERATIVE SOCIETIES RULES - RULE 54

Transfer of shares

(1) Any share may be transferred with the approval of the committee 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 committee or the general
meeting according to 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) Special transfer forms shall be provided by the Registrar.

(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
committee.

(4) No transfer of a share shall be registered if made by a member indebted to
the registered society without special order of the committee, and until the
transfer of a share is registered no right shall be acquired against the
registered society by the transferee, nor shall any claim of the registered
society upon the transferor be affected thereby.