Document ID: chunk:federal_register_of_legislation:C2010C00237:clause:3_4
Version: federal_register_of_legislation:C2010C00237
Segment Type: clause
Provision Reference: sch 3 cl 4
Character Range: 28247–29172

4  Effect of registration on the corporation's capacity etc.

(1) The registration that is taken to occur because of the operation of subitem 3(1) does not have the effect of creating a new legal entity. Rather, it has the effect of continuing the existence of the transitional corporation.

Note: For the legal capacity and powers of a transitional corporation, see section 96‑1 of the new Act.

(2) Subitem (1) has effect despite section 42‑1 of the new Act.

(3) The registration that is taken to occur because of the operation of subitem 3(1) also does not:
 (a) affect the corporation's existing property, rights or obligations; or
 (b) render defective any legal proceedings by or against the corporation.

(4) Any legal proceedings that could have been continued or begun by or against the transitional corporation immediately before commencement may be continued or begun by or against it on and after commencement.