Victorian Consolidated Legislation

Property Law Act 1958 - SECT 28

Power for corporations to hold property as joint tenants

28. Power for corporations to hold property as joint tenants



(1) A body corporate shall be capable of acquiring and holding any real or
personal property in joint tenancy in the same manner as if it were an
individual, and where a body corporate and an individual or two or more bodies
corporate become entitled to any such property in circumstances or by virtue
of any instrument which would if the body corporate had been an individual
have created a joint tenancy they shall be entitled to the property as joint
tenants:

Provided that the acquisition and holding of property by a body corporate in
joint tenancy shall be subject to the like conditions and restrictions as
attach to the acquisition and holding of property by a body corporate in
severalty.

(2) Where a body corporate is joint tenant of any property then on its
dissolution the property shall devolve on the other joint tenant.

(3) This section shall apply in all cases of the acquisition or holding of
property on or after the eighth day of August One thousand nine hundred and
two.