(1)  Upon the incorporation of an association under this Act, any personal property held by a person, in trust or otherwise, for or on behalf of the association becomes vested in the association, subject to any trust, covenant, contract, or liability affecting the property.

(2)  The public officer of an incorporated association may, at any time after the incorporation of the association, deliver to the Registrar of Deeds a memorial in writing setting forth, in relation to any land or interest in land (not being land that is subject to the Land Titles Act 1980 ) held by any person in trust for or on behalf of the association, such particulars and other matters as may be prescribed and the Registrar of Deeds shall, subject to subsection (4) , register the memorial, whereupon the land or interest in land vests in the association.

(3)  The public officer of an incorporated association may, at any time after the incorporation of the association, lodge with the Recorder of Titles notice in writing setting forth, in relation to any land or interest in land (being land that is subject to the Land Titles Act 1980 ) held by any person in trust for or on behalf of the association, such particulars and other matters as may be prescribed and the Recorder shall, subject to subsection (4) , enter upon the folio of the Register, under the Land Titles Act 1980 , for the land, a memorial that the land or interest in land is vested in the association, whereupon the land or interest in land vests in the association accordingly.

(4)  A memorial or notice under the foregoing provisions of this section shall be accompanied by –

(a) the certificate of incorporation, or a copy thereof certified by the Commissioner, and by a statutory declaration made by the public officer and by at least one of the persons in whom the land or interest in land is vested declaring that the land or interest in land is held in trust for or on behalf of the association; and

(b) the appropriate fee prescribed under the Registration of Deeds Act 1935 or the Land Titles Act 1980 , as the case requires.