Can lenders pass preferred shares to heirs?

A:

Our Preferred Stock may not be sold to third parties. Instead, it may only be sold back to the Co-op or to others, subject to the Board’s approval and at the Board’s sole discretion. Additionally, in case of the death of a Member holding Shares, the Board may, at its discretion, approve the transfer of the Shares of a deceased holder to such Member’s heir, upon the written request of the heir.

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