along with the necessary fee. Once this is supplied, CIPRO will cancel the registration of the closed corporation and give notice to the Gazetteer to change the name and status of the company as well as allowing the Registrar of Deeds to make the necessary changes. The conversion will affect the legal status of the close corporations but the following provisions have been made under the new Companies Act. Members of the close corporation will be entitled to become shareholders in the converted company. All assets, liabilities, rights and obligations of the close corporation will continue to be vested in the new company. Any legal proceedings against or instituted by the close corporation may be continued. These provisions are made to allow the company to continue its operations despite changes that need to be made to comply with the new Companies Act. ] ]