(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 Bank for the confirmation of the amalgamation and send to the Bank three copies of the rules of their successor, each copy signed by the secretary of each of the credit unions.

(3) If the Bank -

(a) confirms the amalgamation under section 131, and

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