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Transfer of and undertaking to fulfil engagements.
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26.—(1) Subject to compliance with section 28, a society may transfer its engagements to another society or undertake to fulfil the engagements of another society if—
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(a) a proposal for a transfer or undertaking under this section is approved by a special resolution of each society or, in the case of a society proposing to undertake to fulfil the engagements of another society, by resolution of a general meeting or of a meeting of the board of directors of the society so proposing if the Registrar consents to either such meeting being held for the purpose of passing the resolution, and
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(b) either—
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(i) the proposal obtains the consent in writing of the holders of not less than two-thirds of the total value of shares in each society, or
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(ii) the transfer or undertaking is confirmed under section 27.
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(2) Where a transfer is made under paragraphs (a) and (b) (i) of subsection (1), notice of the transfer shall be sent to the Registrar by the society undertaking to fulfil the engagements and shall be duly registered by him, and he shall send to that society a certificate of such registration in a prescribed form.
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