South Australian Consolidated Acts South Australian Consolidated Acts (1) On the issue of a
certificate of incorporation under this Act in respect of a
housing co-operative—
(a) the
co-operative becomes a body corporate—
(i)
with the corporate name set forth in the certificate of
incorporation
(in which the word "Incorporated" must appear as part, and at the end, of the
name); and
(ii)
with, subject to this Act and the rules of the
co-operative, full juristic capacity to exercise any powers that are by their
nature capable of being exercised by a body corporate; and
(b) all
real and personal property held by any person for or on behalf of the
co-operative vests in the co-operative (subject to any trusts that may affect
that property); and
(c) all
rights and liabilities (whether certain or contingent) exercisable against the
members or officers of the co-operative in their capacity as such immediately
before the incorporation of the co-operative become rights and liabilities of
the registered housing co-operative.
(2) The
Registrar-General must—
(a) on
the application of a co-operative in which any estate or interest in land has
vested by virtue of this section; and
(b) on
production of such duplicate instruments of title and other documents as the
Registrar-General may require,
register the vesting of that estate or interest in land in the co-operative.
(3) The vesting of
property in a co-operative under this section, and any instrument evidencing
or giving effect to that vesting, are exempt from stamp duty.