(1) If the Registrar is satisfied that the incorporation of an association should not have been cancelled, the Registrar may reinstate the association as an incorporated association.
(2) On the reinstatement of the incorporation of the association—
(a) the incorporated association is taken to have continued in existence as if its incorporation had not been cancelled; and
(b) any property vested in the Registrar under section 140 that has not been distributed, sold or disposed of under that section is revested in the incorporated association.