sec.409New body is a continuation of the co-operative

sec.409 New body is a continuation of the co-operative

When a co-operative transfers to a new body, the corporation constituted by the new body is taken to be the same entity as the corporation constituted by the co-operative. Division 3 also applies to a transfer of incorporation under this Division—see section 412 . If the new body is a company under the Corporations Act , subsection (1) and Division 3 have effect subject to the provisions of section 601BM of that Act. Section 601BM of the Corporations Act provides that the registration of a body as a company under Part 5B.1 of that Act does not— create a new legal entity; or affect the body’s existing property, rights or obligations (except as against the members of the body in their capacity as members); or render defective any legal proceedings by or against the body or its members. (sec.409-ssec.1) When a co-operative transfers to a new body, the corporation constituted by the new body is taken to be the same entity as the corporation constituted by the co-operative. Division 3 also applies to a transfer of incorporation under this Division—see section 412 . (sec.409-ssec.2) If the new body is a company under the Corporations Act , subsection (1) and Division 3 have effect subject to the provisions of section 601BM of that Act. Section 601BM of the Corporations Act provides that the registration of a body as a company under Part 5B.1 of that Act does not— create a new legal entity; or affect the body’s existing property, rights or obligations (except as against the members of the body in their capacity as members); or render defective any legal proceedings by or against the body or its members.

• (a) create a new legal entity; or
• (b) affect the body’s existing property, rights or obligations (except as against the members of the body in their capacity as members); or
• (c) render defective any legal proceedings by or against the body or its members.