(1) A building society may, subject to this Part, convert itself into a company.

(2) In order to convert into a company a society must -

(a) approve a conversion scheme by a conversion resolution pursuant to section 71,

(b) obtain the confirmation of the Central Bank to the conversion scheme under section 104, and

(c) have the society registered as a company under the Companies Acts in accordance with the provisions of this Part and any regulations made thereunder.

(3) A conversion scheme for the purposes of subsection (2) shall -

(a) state the name of the proposed company and whether it will be a public limited company limited by shares or a private company limited by shares,

(b) state in relation to the proposed company the amount of the proposed authorised share capital and the amount of such capital proposed to be issued on conversion,