New South Wales Consolidated Acts New South Wales Consolidated ActsAll property real or personal for the time being vested in a body corporate created by this Act shall be held by it on the trusts, if any, expressly declared in respect thereof and if no such trusts have been expressly declared on trust for the community for which the body corporate exists for the use, purposes and benefit of such community: Provided however that the powers conferred by section 10 shall be exercisable by the body corporate in relation to all property vested in it notwithstanding any such trust or provision.