(1) Where the terms of an amalgamation of, or transfer of engagements between, credit unions include provision for the distribution among any of the members of the participating credit unions of part of the funds of one or more of those credit unions in consideration of the amalgamation or transfer, then in the case of each of the credit unions concerned in the amalgamation or transfer -

(a) that provision must be approved by the special resolution referred to in section 128(2)(b) or, as the case may be, section 129(2); or

(b) the Bank must give consent as mentioned in subsection (2).

(2) Where, in the case of a credit union proposing to transfer its engagements or to fulfil the engagements of another credit union -

(a) the terms of the proposed transfer of engagements include provision for a distribution of funds as in subsection (1), and

(b) the Bank is considering under section 129(2) whether to give consent to the credit union proceeding by way of a resolution of its board of directors, rather than by special resolution,