128.—(1) Subject to compliance with section 130, any two or more credit unions may amalgamate by forming a credit union as their successor.

(2) In order to form a credit union as their successor the amalgamating credit unions shall—

(a) agree on the rules for the regulation of their successor which comply with the requirements of the First Schedule;

(b) each approve the terms of the amalgamation by a special resolution, which also approves the rules of their successor; and

(c) jointly make an application under section 131 to the F281[Bank] for the confirmation of the amalgamation and send to the F281[Bank] three copies of the rules of their successor, each copy signed by the secretary of each of the credit unions.

(3) If the F281[Bank]—

(a) confirms the amalgamation under section 131, and

(b) is satisfied as respects the matters as to which F281[it] must be satisfied before F281[it] registers the rules of a credit union,

the F281[Bank] shall register the rules of the successor credit union and issue to it a certificate of confirmation of F281[its] approval of the amalgamation and specify a date (“the specified date”) as from which the registration takes effect.

(4) On the specified date, all the property, rights and liabilities of each of the credit unions whose amalgamation was confirmed by the F281[Bank] shall by virtue of this subsection stand transferred to and vested in the credit union so registered as their successor.

(5) On the specified date, each of the credit unions to which the successor succeeds shall be dissolved by virtue of this subsection; but the transfer effected by subsection (4) shall be deemed to have been effected immediately before the dissolution.