(1) The Custodian shall reconstruct the register of members of the old company and shall include therein the names of the holders of the shares which have been declared by the Tribunal as representing, in reality, a contribution to the capital of the old company and strike off from the register of members of the old company the names of the holders of the documents purporting to be shares which stand, by reason of the determination made by the Tribunal under section 15, cancelled.
     (2) On and from the date of reconstruction of the register of members of the old Company,--
         (a) the register, as so reconstructed, shall be deemed to be the register of members of the old company, and
         (b) all registers of members maintained by the old company, immediately before the said date, shall stand cancelled.