South Australian Consolidated Acts

SOUTH AUSTRALIAN CO-OPERATIVE AND COMMUNITY HOUSING ACT 1991 - SECT 76

76—Transfer of activities

        (1)         Where the Minister is of the opinion—

            (a)         that a registered housing co-operative has ceased to be a co-operative eligible to be registered under this Act; or

            (b)         that the undertaking or operations of a registered housing co-operative are being carried on by a body corporate incorporated under some other Act,

the Minister may give notice to the co-operative under this section.

        (2)         If, within four months of the date of a notice under subsection (1), a co-operative transfers its undertaking to another body corporate, the Minister may, by instrument published in the Gazette, dissolve the co-operative.

        (3)         On the publication of an instrument under subsection (2)—

            (a)         the property of the co-operative becomes the property of the body corporate referred to in the instrument; and

            (b)         the rights and liabilities of the co-operative (whether certain or contingent) become rights and liabilities of the body corporate referred to in the instrument.

        (4)         The Registrar-General must—

            (a)         on the application of a body corporate in which any estate or interest in real property 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 body corporate.

        (5)         The vesting of property in a body corporate under this section, and any instrument evidencing or giving effect to that vesting, are exempt from stamp duty.