(1) Upon incorporation
of an association under this Act —
(a) the
association becomes a body corporate with perpetual succession and may have a
common seal; and
(b) the
corporate name of the association is the name of the association as stated in
the certificate of incorporation, concluding with the word
“Incorporated” or the abbreviation “Inc.”; and
(c)
except as provided in subsection (2), all rights and liabilities exercisable
against members or members of the management committee of the association in
their capacity as such immediately before the incorporation of the association
become rights and liabilities of and exercisable against the incorporated
association; and
(d) the
association may sue or be sued in its corporate name.
(2) Subsection (1)(c)
is not to be construed so as to relieve or release any person in respect of
liabilities incurred by or on behalf of the association prior to
incorporation.