(1)  In this section, a reference to a transfer of incorporation by an incorporated association is a reference to the registration or incorporation of the incorporated association as a prescribed body corporate.

(2)  Subject to this section, on a transfer of incorporation by an incorporated association, the incorporated association ceases to be incorporated under this Act.

(3)  The transfer of incorporation by an incorporated association does not affect the identity of the association, which is to be taken to be the same body before and after the transfer of incorporation, and no act, matter or thing is to be affected or abated by the transfer of incorporation and, in particular, any claim by or against the incorporated association subsisting immediately before the transfer of incorporation may be continued by or against the prescribed body corporate, formed by the transfer of incorporation, in the name of the incorporated association or commenced by or against the prescribed body corporate, so formed, in the name of the prescribed body corporate.

(4)  Without limiting the generality of subsection (3) , nothing in subsection (2)  –

(a) affects any right, privilege, obligation or liability acquired or incurred under this Act; or

(b) affects any penalty, forfeiture or punishment incurred in respect of any offence committed against this Act; or

(c) affects any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment –

and any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if subsection (2) had not been enacted.