(1) Unless the articles of the company otherwise provide, the interest of a member in a non-profit company is not transferable, and lapses and ceases to exist upon his or her death or when he or she ceases to be a member by resignation, or otherwise in accordance with the bye-laws of the company.
(2) Where the articles of a non-profit company provide that the interest of a member in the company is transferable, the bye-law may not restrict the transfer of that interest.