Oh, so ordination to the bishopric does not secularize a religious priest? That is how I interpret it.
No it just states that they are still a member of the order.
They can not live under the vow of poverty any longer as I do not think that vow and being a bishop are compatible.
I would welcome the (name removed by moderator)ut of Br JR on this.
EDIT:
Here is the whole section from the Code of Canon Law.
CHAPTER VII : RELIGIOUS RAISED TO THE EPISCOPATE
Can. 705 A religious who is raised to the episcopate remains a member of his institute, but is subject only to the Roman Pontiff by his vow of obedience. He is not bound by obligations which he prudently judges are not compatible with his condition.
Can. 706 In the case of the religious mentioned above:
1° if he has lost the ownership of his goods through his profession he now has the use and enjoyment and the administration of the goods which he acquires. In the case of a diocesan Bishop and of those mentioned in can. 381 §2, the particular Church acquires their ownership; in the case of others, they belong to the institute or the Holy See, depending on whether the institute is or is not capable of possessing goods;
2° if he has not lost the ownership of his goods through his profession, he recovers the use and enjoyment and the administration of the goods he possessed; what he obtains later, he acquires fully;
3° in both cases any goods he receives which are not personal gifts must be disposed of according to the intention of the donors.
Can. 707 §1 A religious Bishop ‘emeritus’ may choose to reside outside the house of his institute, unless the Apostolic See disposes otherwise.
§2 If he has served a diocese, can. 402 §2 is to be observed concerning his suitable and worthy maintenance, unless his own institute wishes to provide such maintenance. Otherwise, the Apostolic See is to make other provision.
So he is released from the vow of poverty.
I also know, at least in the case of the Carmelites, he has no voice, active or passive, at the chapters. That is he can not vote nor can he be voted for an office within the province or general councils.