(1) Every society now existing, which has been registered under the Co-operative Societies Act, 1912 (2 of 1912), as it applies to the Union territory of the Andaman and Nicobar Islands, shall be deemed to be registered under the corresponding provisions of this Regulation, and its bye-laws shall, so far as they are not inconsistent with the provisions of this Regulation or the rules, continue to be in force until altered or rescinded.
(2) All appointments, rules and orders made, all notifications and notices issued and all suits and other proceedings instituted under the said Act shall, so far as they are not inconsistent with the provisions of this Regulation, be deemed to have been respectively made, issued and instituted under this Regulation save that an order cancelling the registration of a co-operative society made under the said Act shall be deemed, unless the society has already been finally liquidated as an order made under section 57 for its being wound up.