PROPERTY LAW ACT 1974 - SECT 224 Vacancy in corporation
PROPERTY LAW ACT 1974 - SECT 224
Vacancy in corporation224 Vacancy in corporation
Where either before or after the commencement of this Act there is or has been a vacancy in the office of a corporation sole or in the office of the head of a corporation aggregate (in any case in which the vacancy affects the status or powers of the corporation) at the time when, if there had been no vacancy, any interest in or charge on property would have been acquired by the corporation, such interest shall despite such vacancy vest and be deemed to have vested in the successor to such office on the successor’s appointment as a corporation sole, or in the corporation aggregate (as the case may be), but without prejudice to the right of such successor, or of the corporation aggregate after the appointment of its head officer, to disclaim that interest or charge.