Section 9Part 4 — Amalgamation of Societies
Societies may unite with others, or one society may transfer its engagements to another
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Two or more building societies may unite and become one society, with or without any dissolution or division of the funds of such societies or either of them, or a building society may transfer its engagements to any other society upon such terms as are agreed upon in writing by the holders of not less than sixty-six point six recurring per cent of the total shares of each of such societies, whether present or not at general meetings respectively convened for the purpose; but no such transfer shall prejudice any right of any creditor of either society. Notice of every such resolution shall be recorded in the office of the Registrar.
The recording of the notice of such resolution shall operate as an effectual conveyance, transfer and assignment, as at the date of the recording, of the funds, property and assets of the societies so uniting to the united society; or of the society transferring its engagements to the society to which such engagements may be transferred, as are set forth in the instrument of union or transfer of engagements, without any conveyance, transfer or assignment whatsoever:
Provided always, that such union or transfer of engagements shall not affect the rights of any creditor of either or any society uniting or transferring its engagements.