sec.248Nature of land trust

sec.248 Nature of land trust

A land trust— is a body corporate with perpetual succession; and has a seal; and may sue and be sued in its corporate name. A land trust has all the powers of an individual and may, for example— acquire, hold and dispose of property; and borrow, receive and spend money; and employ staff, and engage consultants, necessary for the performance of its function. The land trust’s seal— is effective only if the land trust’s name is inscribed on the seal in legible characters, but the seal may include other words; and is to be kept by a person who is authorised by the land trust for that purpose; and may be attached to a document only with the written authority signed by— if the land trust consists of 1 member—the member; or if the land trust consists of no more than 3 members—the chairperson of the land trust and at least 1 other member; or in any other case— the chairperson and at least 2 other members; or at least 3 members. Judicial notice must be taken of the seal on a document. A document marked with the seal must be presumed to have been properly sealed, unless the contrary is proved. s 248 ins 2011 No. 26 s 78 (sec.248-ssec.1) A land trust— is a body corporate with perpetual succession; and has a seal; and may sue and be sued in its corporate name. (sec.248-ssec.2) A land trust has all the powers of an individual and may, for example— acquire, hold and dispose of property; and borrow, receive and spend money; and employ staff, and engage consultants, necessary for the performance of its function. (sec.248-ssec.3) The land trust’s seal— is effective only if the land trust’s name is inscribed on the seal in legible characters, but the seal may include other words; and is to be kept by a person who is authorised by the land trust for that purpose; and may be attached to a document only with the written authority signed by— if the land trust consists of 1 member—the member; or if the land trust consists of no more than 3 members—the chairperson of the land trust and at least 1 other member; or in any other case— the chairperson and at least 2 other members; or at least 3 members. (sec.248-ssec.4) Judicial notice must be taken of the seal on a document. (sec.248-ssec.5) A document marked with the seal must be presumed to have been properly sealed, unless the contrary is proved.

• (a) is a body corporate with perpetual succession; and
• (b) has a seal; and
• (c) may sue and be sued in its corporate name.
• (a) acquire, hold and dispose of property; and
• (b) borrow, receive and spend money; and
• (c) employ staff, and engage consultants, necessary for the performance of its function.
• (a) is effective only if the land trust’s name is inscribed on the seal in legible characters, but the seal may include other words; and