(1) Registration under this Part does not:

(a)

create a new legal entity; or

(b)

affect the body's existing property, rights or obligations (except as against the members of the body in their capacity as members); or

(c)

render defective any legal proceedings by or against the body or its members.

(2) This Part and sections 263, 266 and 276 set out special provisions for companies registered under this Part.