(1) This Subdivision applies if, at a particular time (the conversion time ):
(a) a * consolidated group (the new group ) is * created from a * MEC group (the old group ); or
(b) a MEC group (the new group ) is created from a consolidated group (the old group ).
(2) However, sections 719-130 and 719-135 apply only in relation to entities that:
(a) were * members of the old group just before the conversion time; and
(b) are members of the new group at that time.