law: 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.