First off, to transfer, the points have to be from the current use year, they cannot be banked or borrowed. If you only have 54 pts in 2004, I am wondering how many points out of your 225 pts in the 8/03 use year are really current year's pts.
If the 54 pts are not banked in your 2004 use year, the official policy is that you cannot transfer until the pts become available. However, MS sometimes makes exceptions and will transfer these pts to another member's 2004 use year.