16(1)In any application for letters patent for the incorporation of a fishing, sporting or literary club or association, the petition may, notwithstanding anything contained in this Act, ask for the embodying in the letters patent of a provision, which shall be therein inserted, that the shares of the capital stock of the club or association are not transferable to a person not then being a member of, and shareholder in, the club until the name of the proposed transferee or member has been first submitted for the approval of the existing shareholders or members, and approved in such manner as may in such petition be set forth, or as may be prescribed by the by-laws of the club or association when incorporated; and if such provision is embodied in the letters patent, it is not, unless otherwise provided in the letters patent, subject to repeal or alteration by by-law.

16(2)In case the transfer of the shares of the club or association is prohibited as in subsection (1) mentioned, no transfer of such shares may be made, otherwise than in conformity with the condition prescribed, so as to entitle the transferee thereof to membership in the club or association, or to any rights, benefits or privileges in respect of such shares in the said association.

16(1)In any application for letters patent for the incorporation of a fishing, sporting or literary club or association, the petition may, notwithstanding anything contained in this Act, ask for the embodying in the letters patent of a provision, which shall be therein inserted, that the shares of the capital stock of the club or association are not transferable to a person not then being a member of, and shareholder in, the club until the name of the proposed transferee or member has been first submitted for the approval of the existing shareholders or members, and approved in such manner as may in such petition be set forth, or as may be prescribed by the by-laws of the club or association when incorporated; and if such provision is embodied in the letters patent, it is not, unless otherwise provided in the letters patent, subject to repeal or alteration by by-law.

16(2)In case the transfer of the shares of the club or association is prohibited as in subsection (1) mentioned, no transfer of such shares may be made, otherwise than in conformity with the condition prescribed, so as to entitle the transferee thereof to membership in the club or association, or to any rights, benefits or privileges in respect of such shares in the said association.