(1) A multi-State co-operative society may, by an amendment of its byelaws, change its name but such change shall not affect any right or obligation of the multi-State co-operative society or of any of its members or past members, and any legal proceedings which might have been continued or commenced by or against the multi-State co-operative society by its former name, may be continued or commence by or against its new name.
     (2) Where a multi-State co-operative society changes its name, the Central Registrar shall enter the new name on the register of multistate co-operative society in place of former name and shall amend the certificate of registration accordingly.