A registered society shall by virtue of its registration be a body corporate by its registered name, by which it may sue and be sued, with perpetual succession and a common seal and with limited liability; and that registration shall vest in the society all property for the time being vested in any person in trust for the society, and all legal proceedings pending by or against the trustees of the society may be brought or continued by or against the society in its registered name.
Modifications etc. (not altering text)
C1Ss. 3, 16(7) excluded by Credit Unions Act 1979 (c. 34, SIF 55:3), s. 2(5)