— (1) A company of any class registered under
this Act may convert itself as a company of other class under this Act by alteration of memorandum and
articles of the company in accordance with the provisions of this Chapter. (2) Where the conversion is required to be done under this section, the Registrar shall on an
application made by the company, after satisfying himself that the provisions of this Chapter applicable
for registration of companies have been complied with, close the former registration of the company and
after registering the documents referred to in sub-section (1), issue a certificate of incorporation in the
same manner as its first registration.
(3) The registration of a company under this section shall not affect any debts, liabilities, obligations
or contracts incurred or entered into, by or on behalf of the company before conversion and such debts,
liabilities, obligations and contracts may be enforced in the manner as if such registration had not been
done