On the transfer of the incorporation of an incorporated association, as authorised under this division—
(a) the association stops being an incorporated association; and
(b) the association’s name is taken to be removed from the register from the day of the transfer.
Note—For other effects of the transfer, including whether a new entity is created and the effect on existing property, rights and obligations see the Corporations Act , section 601BM and the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cwlth) , section 42 -3.