(1) The Court may, in accordance with this Part, make a transfer order transferring -

(a) all or any specified part of the assets, or all or any specified part of the liabilities, of -

(i) an authorised credit institution, or

(ii) a subsidiary or holding company of that credit institution,

or

(b) any combination of some or all of such assets and liabilities,

to a named person.

(2) If the transferor and the transferee are both credit unions, the transfer order -

(a) may provide for the transfer of some or all of the engagements of the transferor to the transferee, and

(b) may make such provision for the amendment of the rules of the transferee as the Court considers necessary to give effect to a transfer of the rights of the members of the transferor to the transferee.

(3) A transfer order shall specify the following:

(a) the names of the transferor and the transferee;