24. Procedure for transfer of shares
(1) No transfer of shares shall be effective unless,—
(a) it is made in accordance with the provisions of the by-laws;
(b) a clear fifteen days' notice in writing is given to the society indicating therein the name of the proposed transferee, his consent, his application for membership, where necessary, and the value proposed to be paid by the transferee;
(c) all liabilities of the transferor due to the society are discharged; and
(d) the transfer is registered in the books of the society.
(2) Any charge in favour of the society on the share so transferred will continue unless discharged otherwise.