2. Dissolution of Club and Company and transfer of assets to Association
When a certificate of incorporation is duly granted under the Associations Incorporation Act 1895 in respect of the Association, as from the date of the Certificate ¾
(a) the Club and the Company are dissolved and cease to exist and the Commissioner for Corporate Affairs under the Companies Act 1961 shall thereupon strike them off the registers kept by him.
(b) All the real and personal property of the Club and of the Company and every right and interest therein of the Club and of the Company respectively, subsisting immediately before that date shall, by force of and subject to this Act, without any conveyance, transfer or assignment, be transferred to, vest in and become the property of the Association, subject to any trusts, debts and liabilities affecting such property;
(c) all other rights, liabilities and obligations of the Club and of the Company subsisting immediately before that date shall be preserved, vested in, carried on, continued and assumed completely and without any abatement or cessation in any respect whatever, by the Association;
(d) all uncompleted contracts or engagements heretofore entered into by any person or persons with the Club or with the Company shall thereafter, to the extent that the same shall be uncompleted, be deemed to have been entered into with the Association; and
(e) every member of the Club and of the Company shall become a member of the Association, in the class appropriate to his membership of the said Club or Company, without payment of any entrance fee.