Amalgamation and transfer of engagements of credit unions

(1) Any two or more credit unions may, by special resolution of both or all such credit unions become amalgamated as one credit union with or without any dissolution, or division of the funds, of such credit or either of them; and the property of such credit unions shall become vested in the amalgamated credit union without the necessity of any form of conveyance other than that contained in the special resolution amalgamating the credit unions, provided that amalgamation in pursuance of this Act shall not prejudice any right of a creditor of any credit union which is a party to any such amalgamation. Credit Unions Act 59 (2) A credit union may, by special resolution, transfer its engagements to any other credit union which may, by special resolution, undertake to fulfil the engagements of that credit (3) For the purposes of this section and section 53, “special resolution” means a resolution which is passed by a majority of not less than three-fourths of such members of a credit union for the time being entitled to vote as may have voted in person, at any general meeting of which at least ten days’ notice specifying the intention to propose the resolution has been given.