(1) On the date shown in the certificate of registration issued under section 243—
(a) the incorporation or registration under any other enactment of the company, industrial, provident or friendly society, as the case may be, ceases and shall be cancelled by the proper officer;
(b) the conversion of the company, industrial, provident or friendly society, as the case may be, is effective;
(c) the property of any body 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 judgement 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) have priority as against the property of the registered society over all other rights or claims against, or liabilities of the registered society.