(1) Upon receipt of an application under this Part, the Registrar may, and, if the applicant complies with all reasonable requirements of the Registrar to have the continued company accord with the requirements of this Act, the Registrar shall issue a certificate of continuance to the former-Act company, in accordance with section 511.
(2) On the date shown in the certificate of continuance—
(a) the former-Act company becomes a company to which this Act applies as if it had been incorporated under this Act;
(b) the articles of continuance are the articles of incorporation of the continued company; and
(c) except for the purposes of section 65(1), the certificate of continuance is the certificate of incorporation of the continued company.