Close Corporations Act, 1984 (Act No. 69 of 1984)

Part IV : Membership

37. Other dispositions of members' interests
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Every disposition by a member of a corporation of his interest, or a portion thereof, in the corporation, other than a disposition provided for in section 34, section 35 or section 36, whether to the corporation, any other member or any other person qualifying for membership in terms of section 29, shall be done—

(a)in accordance with the association agreement (if any); or
(b)with the consent of every other member of the corporation:

Provided that no member's interest shall be acquired by the corporation unless it has one or more other members.