86Effect of cancellation of incorporation

86 Effect of cancellation of incorporation On the cancellation under section 85 of the incorporation of an association (the former association)— (a) this Act ceases to apply in relation to the former association; and (b) the body corporate previously constituted by the former association is taken to be subsumed in the body corporate constituted by registration under a corporation law (the company); and (c) any property or proprietary or other rights that were, immediately before the cancellation, vested in the former association are taken, subject to any trust affecting the property or part of it, to be vested in, and may be exercised or enforced by, the company; and (d) any liability, obligation or penalty that could have been enforced against or recovered from the former association immediately before the cancellation is enforceable against or recoverable from the company; and (e) any investigation, legal proceeding or remedy that could, immediately before the cancellation, have been instituted, continued or enforced against the former association may be instituted, continued or enforced against the company.