Victorian Consolidated Legislation

Associations Incorporation Act 1981 - SECT 8

Vesting of property

8. Vesting of property



(1) Upon the granting of a certificate of incorporation of an association, all
property held by a person on trust or otherwise for or on behalf of the
association or for any of its purposes is, subject to this section, vested in
the incorporated association.

(2) Where property vests in an incorporated association under this section-

   (a)  the incorporated association shall not, except as provided by this
        Act, deal with the property contrary to the provisions of any trust
        affecting the property immediately before the incorporation of the
        association;

   (b)  the persons who immediately before the property was so vested held the
        property on trust are not, after the property has been delivered or
        transferred to the incorporated association, liable or accountable for
        the property and are not bound to see to the application, distribution
        or appropriation of the property; and

   (c)  the property is so vested subject to any restriction, limitation,
        mortgage, charge, encumbrance, lien, lease, covenant, contract or
        liability to which the property was subject immediately before it was
        so vested.





(3) The receipt of the public officer of an incorporated association is
sufficient discharge to a trustee delivering or transferring property to the
incorporated association under this section as to the property delivered or
transferred.