(1) Any two or more registered societies may, by special resolution of both or all such societies, become amalgamated together as one society, with or without any dissolution or division of the funds of such societies or either of them, and the property of such societies shall become vested in the amalgamated society without the necessity of any form of conveyance other than that contained in the special resolution amalgamating the societies.

(2) Any registered society may by special resolution transfer its engagements to any other registered society which may undertake to fulfil the engagements of such society.

(3) Notwithstanding subsections (1) and (2) of this section, a credit union shall not amalgamate with or transfer its engagements to any other registered society unless that society is a credit union the members of which have the same common bond as have the members of the first-mentioned credit union.