10.1 Requirements of instrument of transfer

An instrument of transfer of any shares in the Co-op must:

[a]  be in writing,

[b]  specify the number of shares being transferred, and

[c]  be executed and dated both by the transferor and transferee,

and the transferor remains the holder of the shares until the name of the transferee is entered in the register of members.

10.2 Form of transfer

Shares in the Co-op may be transferred in a form approved by the Directors.

10.3 Effective date of transfer of shares

A transfer of shares does not take place until:

[a]  a duly executed instrument of transfer and the share certificate, if one was issued, has been delivered to the Co-op;

[b]  any lien of the Co-op on the shares has been satisfied;

[c]  the transfer has been authorized by the Directors; and

[d]  the name of the transferee is entered in the register of members.