115Effect of transfer of incorporation

115 Effect of transfer of incorporation (1) This section applies subject to the law applicable to the prescribed body corporate formed by the transfer of incorporation of an incorporated association. (2) The transfer of incorporation by an incorporated association does not affect the identity of the association which is taken to be the same body before and after the transfer. (3) Any right or claim by or against an incorporated association existing immediately before its transfer of incorporation may be continued by or against the prescribed body corporate formed by the transfer in the name of the incorporated association or in the name of the prescribed body corporate. (4) Without limiting the generality of subsections (2) and (3), nothing in section 114(1) affects— (a) any right, privilege, obligation or liability acquired or incurred under this Act; or (b) any penalty, forfeiture or punishment incurred in respect of any offence committed against this Act; or (c) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment. (5) Any investigation, legal proceeding or remedy referred to in subsection (4)(c) may be instituted, continued or enforced and any penalty, forfeiture or punishment may be imposed as if the incorporated association had not ceased to be incorporated under this Act.