409New body is a continuation of the co-operative

409 New body is a continuation of the co-operative (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. Note Division 3 also applies to a transfer of incorporation under this Division – see section 412. (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. Note 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: (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 Division 3 Effect of merger or transfer on assets and liabilities