Co-Operative Societies Act 2008
144. Effect of certificate of registration
1. On the date shown in the certificate of registration issued pursuant to section 13—
a. the incorporation or registration under any other enactment of the company, industrial, provident or friendly society, as the case may be, ceases and the incorporation or registration shall be cancelled by the proper office;
b. the conversion of the company, industrial, provident or friendly society, as the case may be, is effective;
c. the property of anybody mentioned in paragraph (a) becomes the property of the registered society;
d. the registered society is liable for the obligations of the company, industrial, provident or friendly society, as the case may be;
e. an existing cause of action, claim or liability to prosecution against the company, industrial or provident society or friendly society is not affected;
f. a civil, criminal or administrative action pending against a converted company, industrial or provident society or friendly society may be continued against the registered society; and
g. a conviction against or a ruling, order or judgment in favour of or against a body mentioned in paragraph (e) may be enforced by or against the registered society.
2. Every right or claim and the liability for every penalty mentioned in subsection (1) has priority as against the property of the registered society over all other rights or claims against, or liabilities of the registered society.