“A trust board becomes a special organisation that can own things and take legal action”
When a trust board gets incorporated, it becomes a special kind of organisation that can last forever. This means it doesn’t end when the people who started it are no longer around. The board gets its own official seal, which is like a stamp that shows it’s real and official.
The board can own things like land, buildings, and other property, no matter where these things are located. It can also take people to court or be taken to court itself. The board can do many of the same things that big companies can do, as long as it follows the rules set out in this law and its own rules.
Remember, the board has to follow any special rules that were created when it was set up. These rules help guide how the board operates and what it can do.
"Property automatically becomes owned by the new board when trustees join together"
Part 2
Incorporation of trust boards
13Effect of incorporation
Every board shall have perpetual succession and a common seal, and (subject to this Act and to the rules and other documents providing for the constitution of the board) shall be capable of holding real and personal property of whatsoever nature and whether situated in New Zealand or elsewhere, and of suing and being sued, and of doing and suffering all such acts and things as bodies corporate may lawfully do and suffer.
