(1) Every society existing at the commencement of the Act which has been registered under the Cooperative Societies Act, 1949, shall be deemed to be registered under this Act, and its bye-laws shall, in so far as they are not inconsistent with the provisions of this Act, continue in force until altered or rescinded and shall to such extent be deemed to be registered under this Act.
(2) All appointment, rules and orders made, notification and notices issued, all transactions entered into and all suits and other proceedings instituted under the said Act shall continue and shall, so far as may be, deemed to have been respectively made, issued, entered into or instituted under this Act.
Assam Act I of 1950 CONSTRUCTION OF REFERENCE TO ASSAM COPERATIVE SOCIETIES ACT, 1949 ACT VII OF 1913 NOT TO APPLY ACTS OF SOCIETIES, ETC.
NOT TO BE INVALIDATED BY CERTAIN DEFECTS
121. All reference to the Assam Cooperative Societies Act, 1949 occurring in any enactment made by any authority in India and for the time being in force in Assam shall in the application of any such enactment thereto , be construed as reference to this Act, and anything done, or any proceeding commenced in pursuance of such enactment on or after the commencement of this Act shall be deemed to have been done or to have commenced and to have had effect as in the reference in such enactment to the Assam Cooperative Societies Act, 1949 had been a reference to this Act, and no such thing or proceedings shall be deemed to have been invalid on the ground that such enactment did not refer to this Act.
122. The provisions of the Indian Companies Act, 1913 shall not apply to registered societies.