(1) Two or more 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 society may transfer its engagements to any other society, upon such terms as shall be agreed upon by 3/4 of the members (holding not less than 2/3 of the whole number of shares) of each of such societies present at general meetings respectively convened for the purpose. Notice of every such union or transfer shall be sent to the Registrar, and registered by him or her, and such registration shall operate as an effectual conveyance, transfer, and assignment, as at the date of registration, of the funds, property, and assets of the said 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 may be set out in the instrument of union or transfer of engagements, without any conveyance, transfer, or assignment whatsoever (save and except in the case of stocks and securities requiring any special mode of transfer). However, such union or transfer of engagements shall not affect the rights of any creditor of either or any society uniting or transferring its engagements.