New South Wales Consolidated Acts New South Wales Consolidated Acts(Section 15)
In this Schedule:
"assets" means any legal or equitable estate or interest (whether present or
future and whether vested or contingent) in real or personal property of any
description (including money), and includes securities, choses in action and
documents.
"former association", in relation to an incorporated association, means:
(a) the association or other body which was incorporated under this Act to form the incorporated association, or
(b) in the case of an amalgamated association incorporated under section 47-an incorporated association which was a party to the amalgamation,and includes any or all the members of the former association as members.
(1) On the incorporation of an association or other body under this Act, the following provisions have effect:(a) the assets of a former association of the incorporated association vest in the incorporated association without the need for any conveyance, transfer, assignment or assurance,(b) the rights and liabilities of a former association of the incorporated association become the rights and liabilities of the incorporated association,(c) all proceedings relating to the assets, rights and liabilities of a former association of the incorporated association commenced before the incorporation by or against the former association and pending immediately before the incorporation are taken to be proceedings pending by or against the incorporated association,(d) any act, matter or thing done or omitted to be done in relation to the assets, rights and liabilities of a former association of the incorporated association before the incorporation by, to or in respect of the former association is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the incorporated association,(e) a reference in an instrument or in any document of any kind to a former association of the incorporated association is, subject to the regulations, to be read as, or as including, a reference to the incorporated association.
(2) Assets which vest in an incorporated association by virtue of this clause are not to be dealt with contrary to the provisions of any trust affecting the assets immediately before the incorporation of the association or other body under this Act, being provisions as to the purposes for which the assets may or are required to be applied.
(3) The operation of this clause is not to be regarded:(a) as a breach of contract or confidence or otherwise as a civil wrong, or(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or(c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability.
(4) The operation of this clause is not to be regarded as an event of default under any contract or other agreement.
(1) A certificate, in an approved form and verified as prescribed, of the public officer of an incorporated association to the effect that property specified in the certificate was, immediately before the incorporation of the association under this Act, vested in a specified former association of the incorporated association or was held by a person, in trust or otherwise, for or on behalf of such a former association or for its objects, shall:(a) in any action, suit or other proceeding, civil or criminal, be prima facie evidence of the matters so certified, and(b) be prima facie evidence of the matters so certified in favour of the Registrar-General and any other person registering or certifying title to land or having the power or duty to examine or receive evidence as to the title to land.
(2) A certificate of the Director-General in an approved form to the effect that an association or other body specified in the certificate is a former association of an incorporated association so specified is prima facie evidence of the matter so certified in favour of:(a) a person, or a person claiming through or under a person, dealing with the incorporated association to which the certificate relates in good faith and for valuable consideration and without notice of any defect or error in the certificate, and(b) the Registrar-General and any other person registering or certifying title to land or having the power or duty to examine or receive evidence as to the title to land.
No attornment to an incorporated association by any lessee of land vested in the association by reason of the operation of this Schedule shall be necessary.
(1) A document or an instrument executed or registered only for:(a) a purpose ancillary to, or consequential on, the operation of this Schedule, or(b) the purpose of giving effect to this Schedule,shall not be liable to stamp duty, to duty under the Duties Act 1997 or to any fee or charge payable under any Act for registration.
(2) A dutiable transaction within the meaning of the Duties Act 1997 that is not in writing and that occurs only for:(a) a purpose ancillary to, or consequential on, the operation of this Schedule, or(b) the purpose of giving effect to this Schedule,is not liable to duty under the Duties Act 1997 .