(1) A building society may by special resolution (and only by special resolution) alter its memorandum or its rules.

(2) A society so altering its memorandum or rules shall deliver to the Central Bank 3 copies of the alteration signed by 3 members and the secretary, together with a letter signed by the secretary confirming that a special resolution has been passed approving the alteration.

(3) Where copies are delivered to the Central Bank in accordance with subsection (2) and -

(a) it is satisfied that -

(i) the memorandum and rules as so altered are in conformity with this Act and any regulations made thereunder,

(ii) registration would not be prejudicial to the orderly and proper regulation of building societies generally, and

(iii) where the alteration involves a change of name, the changed name is not undesirable,

and

(b) in the case of a society that has not been authorised under section 17, it has no reason to believe that the society will not be authorised under that section,