(1) Subject to compliance with section 130, a credit union may transfer its engagements to another credit union which, in accordance with this section, undertakes to fulfil the engagements.
(2) A credit union, in order -
(a) to transfer its engagements, or
(b) to undertake to fulfil the engagements of another credit union,
shall resolve to do so by a special resolution or, if the Bank consents in either case in circumstances where it considers it expedient to do so, by a resolution of the board of directors.
(3) The transfer shall be recorded in an instrument of transfer of engagements.
(4) A transfer of engagements between credit unions shall be of no effect unless -
(a) the transfer is confirmed by the Bank under section 131; and
(b) a certificate of confirmation of the transfer is issued in respect of the transfer under subsection (5)(b).
(5) Where the Bank confirms a transfer of engagements between credit unions, it shall -
(a) register a copy of the instrument of transfer of engag