107. Effect of issue of certificate of continuance within the Abu Dhabi Global Market

(1) Upon the issue of the certificate of continuance by the Registrar—
(a) the body corporate becomes a company registered under these Regulations, to which these Regulations apply accordingly, and
(b) the articles, or the instrument constituting or defining the constitution of the body corporate, as amended in accordance with its articles of continuance, become the articles of the continued company.
(2) When a body corporate is continued as a company formed or registered under these Regulations—
(a) all property and rights to which the body corporate was entitled immediately before the certificate of continuance is issued are the property and rights of the company,
(b) the company is subject to all criminal and civil liabilities, and all contracts, debts and other obligations, to which the body corporate was subject immediately before the certificate of continuance is issued, and
(c) all actions and other legal proceedings which, immediately before the issue of the certificate of continuance, were pending by or against the body corporate may be continued by or against the company.
(3) A certificate of continuance is conclusive evidence of the following matters—
(a) that the company is formed or registered under these Regulations,
(b) that the requirements of these Regulations have been complied with in respect of—
(i) the continuance of the company under these Regulations,
(ii) all matters precedent to its continuance as such a company, and
(iii) all matters incidental to its continuance as such a company, and
(c) if the certificate states that it is—
(i) a public company,
(ii) a private company limited by shares,
(iii) a private company limited by guarantee,
(iv) a restricted scope company, or
(v) an unlimited company,
that it is such a company.