(1) Subject to compliance with section 97, a building society may transfer its engagements to any extent to another society which, in accordance with this section, undertakes to fulfil the engagements.
(a) transfer its engagements to any extent, or
(b) undertake to fulfil the engagements of another society,
must resolve to do so by a special resolution or, if the Central Bank consents in either case in circumstances where it considers it expedient to do so, by resolution of the board of directors.
(3) The extent of the transfer, as so resolved by the society making and the society taking the transfer, shall be recorded in an instrument of transfer of engagements.
(4) A transfer of engagements between societies shall be of no effect unless -
(a) the transfer is confirmed by the Central Bank under section 98, and
(b) a registration certificate is issued in respect of the transfer under subsection (5).
(5) Where the Central Bank confirms a transfer of engageme
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