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Charitable Trusts Act 1957

Incorporation of trust boards

14: Vesting of property

You could also call this:

“Property automatically becomes owned by the new board when trustees join together”

When a group of trustees or a society becomes incorporated as a board, all the property they were holding immediately becomes the property of the new board. This happens automatically, without needing any paperwork to transfer ownership. The new board will use the property for the same purposes and have the same powers as before. They also have to follow the same rules and agreements that were in place before.

If the property includes any land, mortgages, or other interests in land that are registered under the Land Transfer Act 2017, the board can ask the Registrar-General of Land to change the official records. The board needs to make this request in writing and put their official seal on it. Once they do this, the Registrar-General of Land will update the records to show that the board now owns that land, mortgage, or interest in the land.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM309932.

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13: Effect of incorporation, or

"A trust board becomes a special organisation that can own things and take legal action"

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15: Name of board, or

"Rules for choosing a name for your charitable trust board"

Part 2 Incorporation of trust boards

14Vesting of property

  1. All property held by the trustees of any such trust or by any such society shall immediately upon incorporation of the trustees or society as a board vest without transfer, conveyance, or assignment in the board for the same purposes, with the same powers, and upon and subject to the same trusts, contracts, and equities as then affect the same.

  2. Where any estate or interest in, or any mortgage or charge on, any land under the Land Transfer Act 2017 is vested in a board by virtue of this section, the Registrar-General of Land shall, on receiving a written application under the common seal of the board, register the board as proprietor of that estate, interest, mortgage, or charge.

Compare
  • 1908 No 164 s 9
Notes
  • Section 14(2): amended, on , by section 250 of the Land Transfer Act 2017 (2017 No 30).