On the transfer of the incorporation of a RECI Act corporation, as authorised under this division—
(a) the RECI Act corporation stops being incorporated as a RECI Act corporation; and
(b) the letters patent issued to the RECI Act corporation under the repealed Religious Educational and Charitable Institutions Act 1861 are taken to be cancelled from the day of the transfer.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.