(1) The consequences of a cross-border conversion, in relation to a converting company and an Irish converted company, are that, from the effective date -

(a) all of the assets and liabilities, including all of the rights and obligations, of the converting company shall be those of the converted company,

(b) all members of the converting company become members of the converted company, save for members who have made a request in accordance with Regulation 15(1),

(c) all legal or regulatory proceedings pending by or against the converting company shall be continued with the substitution, for the converting company, of the converted company as a party,

(d) the converted company is obliged to make to the members of the converting company any cash compensation payable in response to requests made under Regulation 15(1) or required by a Court under that Regulation,