Restrictions on transfer of right of foreman.

Transfer

1. (1) No transfer of the right of a foreman to receive subscriptions from prized subscribers shall be made unless such transfer is assented to by all the non-prized subscribers and unpaid prized subscribers and a copy of such assent has been filed by the foreman with the Registrar who shall sanction such transfer provided he is satisfied that such transfer is not in contravention to any of the provisions of this Act and the rules made thereunder.
2. (2) When a transfer under sub-section (1) is objected to by a subscriber, the burden of proving that the foreman who intends to transfer his right was in solvent circumstances at the time of the transfer and that the transfer is not likely to affect prejudicially the interest of any such subscriber is upon such foreman.