50Vesting of property in Incorporated Aboriginal Associations

#### 50 Vesting of property in Incorporated Aboriginal Associations (1) Upon the incorporation of an Aboriginal association under this Act any personal property (other than personal property consisting of an estate or interest in land) held by a person, in trust or otherwise, for or on behalf of the members of the Association vests, subject to any trust, covenant, contract or liability affecting the property (other than a trust for the members) in the Incorporated Aboriginal Association. (2) Where a person holds an estate or interest in land in trust or otherwise for or on behalf of the members of an Aboriginal association, that person shall, upon the incorporation of the Association under this Act, take all action required to vest, subject to any trust (other than a trust for the members), or any covenant, contract or liability affecting the estate or interest, the estate or interest in the Incorporated Aboriginal Association.