For what it's worth: we're in that exact situation right now, and have had multiple conversations w/
DVC about it.
Short answer: to get full benefits, the "new" owner has to have 150 or more direct (or g'fathered) points.
The background: I have three 50-point BCV contracts, each bought in 2007 directly from Disney. I want to give these points to my DS (gratuitous transfer)....once the gift is done, DS will have full "blue card" m'ship/privileges---but only if I give him all 3 contracts (150 points)....if I give him only 1 or 2 contracts (50 or 100 points), even though they were purchased directly from Disney and not subject to any restrictions, he will not get full mship benefits based on having an insufficient number of qualifying points.
Hope this helps.