Yes - members may only transfer current points (banked/borrowed points cannot be transferred), but once transferred the points may be banked by the controlling member.
Borrowed points are those that have been used for a reservation that was later canceled. Those cannot be transferred. Members may transfer points from the current and new Use Year - so at this time you could transfer points from your Jun 2010 Use Year and also points from your June 2011 Use Year. The 2010 points could go into another member's 2010 Use Year and the 2011 points could go into a 2011 Use Year. (Those with a December, 2009 Use Year could also still transfer points, but they would need to go to someone who also has a December Use Year.)