(1) Whenever the holder of a licence or a building society acting through its board of directors (in this Part referred to as the transferor) agrees to transfer, in whole or in part, to another holder of a licence (in this Part referred to as the transferee) the business to which the licence, or where the transferor is a building society the business to which its authorisation, relates and all or any of the other assets and liabilities of the transferor -

(a) the transferor and transferee may, before the date on which the transfer is intended to take effect (in this Part referred to as the transfer date), submit to the Minister for his approval a scheme for the transfer,

(b) the transferor and transferee shall, not less than one month before the transfer date, publish notice of the transfer in at least one daily newspaper published in the State,

(c) the Minister, after consultation with the Bank, may, not less than two months before the transfer date, either approve of or decline to approve of the scheme by order (in this section called a "transfer order"),