(1) Two or more trustee savings banks may amalgamate if -

(a) each of them passes a special resolution authorising the amalgamation, and

(b) the Minister and the Central Bank approve under section 48 of a scheme for the amalgamation submitted to them under that section.

(2) An amalgamation under this section shall take effect on such day (in this Part referred to as "the amalgamation day") as may be specified for that purpose in the scheme aforesaid, being a day not earlier than 4 months after the day or the later of the days on which the approval of the Minister and the Central Bank of the amalgamation were sought.