(1) A share may be transferred with the approval of the board to any other member at the option of the transferor, but if the transferee is not a member, he or she must be approved as a member by the board, 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.