(1) Subject to compliance with section 97, any 2 or more building societies may amalgamate by forming a building society as their successor.

(2) In order to form a society as their successor the amalgamating societies must -

(a) agree on the objects of their successor and the extent of its powers in a memorandum which complies with the requirements for the time being of Part I of the Second Schedule,

(b) agree on the rules for the regulation of their successor which comply with the requirements of Part II of the Second Schedule and any regulations for the time being made under section 11(2),

(c) each approve the terms of the amalgamation by special resolution, which also approves the memorandum and rules of their successor, and

(d) make application jointly under section 98 to the Central Bank for confirmation of the amalgamation and send to the Bank 3 copies of the memorandum and rules of their successor, each copy signed by the secretary of each of the societies.