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of <h1>Section 378L: Assets, liabilities and legal proceedings of inter-State co-op seamlessly shift to transformed Producer Company</h1> Section 378L provides that upon transformation of an inter-State co-operative society into a Producer Company, all its movable and immovable properties, rights, debts, liabilities, interests, privileges, obligations and contracts automatically vest in and are deemed incurred or entered into by the Producer Company. All sums due to the former society become due to the Producer Company. Organisations previously managed by, or receiving financial, managerial or technical assistance from, the society may continue under the Producer Company as it decides. The former society's capital becomes part of the Producer Company's capital, statutory and contractual references to the society are read as references to the Producer Company, and all pending legal proceedings continue unaffected against or by the Producer Company.
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