New South Wales Consolidated Acts

REORGANISED CHURCH OF JESUS CHRIST OF LATTER DAY SAINTS TRUST PROPERTY ACT 1959 - SECT 8

8 Vesting of church trust property

(1) All church trust property which at the date of the commencement of this Act is situated within the State of New South Wales shall by virtue of this Act:

(a) vest in the body corporate,

(b) be thereupon divested from the person in whom it was vested before the commencement of this Act.

(2) No vesting by virtue of this Act shall affect any encumbrance, lien, estate or interest to which at the time of the vesting the property so vested was subject in the hands of the person from whom it was divested.
The body corporate shall become, jointly with the person liable at the time of the vesting, and severally, liable under every contract, engagement and cause of action in relation to the property vested, under which the person from whom the property was divested was liable at the time of the vesting.
The body corporate shall be liable to indemnify the person from whom the property was divested, his executors and administrators against every claim, action, suit and other proceeding which shall be made or taken in respect of any such contract, engagement or cause of action.
The person from whom the property was divested shall have a charge or lien on the property divested to the extent to which and in the circumstances in which the charge or lien would have attached if the property had not been divested; but the charge or lien or possibility thereof shall, in favour of a person dealing for value with the body corporate, be deemed to have been extinguished unless the person entitled thereto has after the commencement of this Act and before such dealing given written notice to the body corporate of its existence or of the possibility of its arising.
A statement under the common seal of the body corporate that no such notice has been received before such dealing shall be conclusive evidence of the fact so stated in favour of any person dealing for value with the body corporate in respect of the divested property.