(1) Registration of a company as a registered society does not affect -

(a) any right or claim for the time being subsisting against the company, or

(b) any penalty for the time being incurred by the company.

(2) For the purpose of enforcing any such right, claim or penalty, the company may be sued and proceeded against in the same way as if it had not been registered as a society.

(3) Any such right or claim, and the liability to any such penalty, has priority as against the society's property over all other rights or claims against, or liabilities of, the society.