(1) Subject to section 69(3A), a resolution of a society shall be a conversion resolution when it has been passed by a majority of such members of the society as, being entitled to do so -

(a) vote in person or by proxy on a poll on the resolution at a meeting of the society of which notice specifying the intention to move the resolution as a conversion resolution has been duly given; or

(b) vote in a postal ballot on the resolution of which notice specifying that the resolution will not be effective unless it is passed as a conversion resolution has been duly given.

(2) For the purposes of this section and Part XI, a person is a borrowing member of the society at a particular time -

(a) if at that time the person's indebtedness to the society, or to an associated designated credit institution, is in respect of -

(i) a loan made under the repealed enactments, secured by a mortgage of a freehold or leasehold estate or interest in a house, or

(ii) a housing loan or an associated home loan,

and

(b) if in either case the amount of the mortgage debt is not less than £500 or, if the Central Bank, by regulation, prescribes some other amount for the purposes of this subsection, that other amount.