A registered society (society A) may by special resolution transfer its engagements to any other registered society which undertakes to fulfil those engagements (society B).

If the resolution approves the transfer of all or part of society A's property to society B, the property vests in society B without any conveyance or assignment (or, in Scotland, assignation).

Section 111 contains provisions about special resolutions under this section.

The transfer of engagements does not prejudice any right of a creditor of either society.