(1) Every society now existing which has been registered under the Co-operative Credit Societies Act, 1904 (10 of 1904), or under the Co-operative Societies Act, 1912 (2 of 1912), or under the Himachal Pradesh Co-operative Societies Act, 1956 (13 of 1956), or THE HIMACHAL PRADESH CO-OPERATIVE SOCIETIES ACT, 1968 57 under the Punjab Co-operative Societies Act, 1954 (14 of 1955), or under the Punjab Co-operative Societies Act, 1961 (25 of 1961), shall be deemed to be registered under this Act and its bye-laws shall so far as the same are not inconsistent with the express provisions of this Act, continue in force until altered or rescinded.
(2) All appointments, rules or orders made, all notifications and notices issued, all transactions entered into and all suits and proceedings instituted under any of the Acts repealed under section 106 shall, so far as they are consistent with the provisions of this Act be deemed to have been respectively made, issued, entered into and instituted under this Act.