(1) Subject to the provisions of this section, if by a special resolution a credit union resolves that it be wound up by an instrument of dissolution, the credit union shall be dissolved by such an instrument, bearing the signatures of the secretary and a member of the board of directors.

(2) An instrument of dissolution shall set forth -

(a) the liabilities and assets of the credit union in detail;

(b) the number of the members and the nature of their respective interests in the credit union;

(c) the claims of creditors, if any, and the provision to be made for their payment; and

(d) the intended appropriation or division of any surplus or balance, as recommended by the board of directors and approved by the Bank;

and in paragraph (d) "surplus or balance" means surplus or balance of funds and property of the credit union left after members have been paid in full.