HERITAGE ACT 1977 - SECT 115
Power of corporation to accept gifts etc
HERITAGE ACT 1977 - SECT 115
Power of corporation to accept gifts etc
115 Power of corporation to accept gifts etc
(1) The corporation may acquire, by gift inter vivos, devise or bequest, any
property for the purposes of this Act and may agree to the condition of any
such gift, devise or bequest.
(2) The rule of law against remoteness of
vesting shall not apply to any such condition to which the corporation has
agreed.
(3) Where the corporation acquires property under subsection (1)--
(a) neither an instrument that effects the acquisition nor any agreement
pursuant to which the property is acquired is chargeable with duty under the
Stamp Duties Act 1920 , and
(b) the property, or the value of the property,
shall not be included in the dutiable estate of the donor or testator for the
purposes of assessing death duty under that Act.