You cannot transfer points that have been previously banked or borrowed. You can transfer points from your current Use Year and the next Use Year.
For example, if you have a June Use Year, you are still in your 2011 Use Year and can transfer points from your 2011 Use Year into another member's 2011 Use Year. In addition, you can transfer points from your 2012 Use Year into another member's 2012 Use Year. Once transferred, the points may be banked by the member who now controls those points. The points will retain their original Use Year and Home Resort status.