New South Wales Consolidated Acts

STEWARDS' FOUNDATION OF CHRISTIAN BRETHREN ACT 1989 - SECT 8

8 Vesting of Company property in the Foundation

(1) Subject to this Act, any property that, immediately before the appointed day, was vested in the Company is divested from the Company and is, to the extent that it was so vested, vested (without conveyance) in the Foundation.

(2) The vesting of Company property in the Foundation does not affect:

(a) any reservation, mortgage, charge, encumbrance, lien or lease that affected the property, or

(b) except as provided by section 10, any trust on which the property was held,

immediately before the vesting of the property.

(3) No attornment to the Foundation by any lessee of property vested in it by this section is necessary.

(4) An instrument executed only for:

(a) the purpose of giving effect to this section, or

(b) a purpose ancillary to, or consequential on, the operation of this section,

is exempt from stamp duty.