Section 50

all powers rights, privileges, obligations or liabilities acquired, accrued, or incurred by the Koperasi Serbaguna Nelayan Sabah Bhd. (hereinafter referred to as ―the Co-operative Society‖) shall devolve on the Corporation;

all property of whatever nature possessed by or vested in the Co-operative

Society shall be deemed to be transferred to the Corporation;

all deeds, bonds, agreements, instruments and working arrangements made by the Co-operative Society, subsisting immediately before the commencement of this Enactment shall be in full force and effect against or in favour of the

Corporation and enforceable as fully and effectually as if, instead of the Co-operative Society, the Corporation had been named therein as a party thereto;

 ―Co-operative Societies Act 1993‖ substituted for ―Co-operative Societies Ordinance 1958‖ by virtue of Act 502.

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all proceedings, whether civil or criminal, or causes of action pending or existing immediately before the commencement of this Enactment by or against the Co-operative Society may be continued or instituted by or against the Corporation;

and

all persons who, immediately before the commencement of this Enactment, were employed as officers or servants of the Co-operative Society shall be deemed to be transferred to the service of the Corporation upon the terms and conditions of service not less favourable to them than those upon which they were employed by the former body.