Company conversion preserves pre-existing debts and liabilities while the Registrar issues a new certificate after compliant alteration. Conversion by alteration of the memorandum and articles permits a registered company to change class; the Registrar, after verifying compliance with registration provisions, will close the former registration, register the conversion documents and issue a certificate of incorporation. The conversion does not affect debts, liabilities, obligations or contracts incurred before conversion, which remain enforceable as if conversion had not taken place.