12Vesting of property in incorporated association

12 Vesting of property in incorporated association (1) If an association is incorporated under this Act, property held by a person (whether in trust or otherwise) for or on behalf of the association vests in the association, subject to any trust, covenant, contract or liability affecting the property. (2) A person who holds property (whether in trust or otherwise) for or on behalf of an incorporated association must, as soon as practicable after the association is incorporated under this Act, take all action required to deliver or transfer the property to the association subject to: (a) any trust (other than a trust for the members of the association) affecting the property; or (b) any covenant, contract or liability affecting the property. Associations Act 2003 14