Yes, transferred points may be banked. They can be from any resort. MS will usually require that they be from the same Use Year (2007 , 2008) but any month within that year is acceptable. Transferred points are supposed to retain their original Home Resort status and Use Year (month). In the past MS had difficulty tracking those statistics and the transferred points seemed to assume the same resort status and Use Year of the master contract.
Reportedly, MS is trying to do a better job of tracking those transferred points, but there have been a number of reports that transferred points - especially after being banked - have become part of the contract into which they were transferred.