(1) A member of a credit union may transfer a share in the credit union to another member so long as -

(a) the number of shares held by that other member does not exceed the limit imposed under this Act; and

(b) if the credit union so requires in any case, the transfer has the approval of the credit union.

(2) No charge shall be made by a credit union in respect of a transfer of shares by a member, and such a transfer shall entitle the transferee to any dividends in respect of the transferred shares which are unpaid at the date of the transfer.

(3) If, in a case where the credit union has imposed a requirement under subsection (1)(b), the credit union refuses to approve the proposed transfer of shares in the credit union by a member, the member may appeal against the refusal to a Judge of the District Court for the district in which the registered office of the credit union is situated.