55Power of incorporated association to sell trust property

55 Power of incorporated association to sell trust property (1) If property is held by an incorporated association on trust and the trust has come either wholly or partly to an end, the public officer of the association may, with the authority of its committee, apply to the Supreme Court for an order authorising the disposal of the whole or a part of the property.

Associations Act 2003 40 (2) At the hearing of the application the Court may, despite the deed or other instrument creating the trust or the constitution of the association, make an order: (a) authorising the disposal of the whole or a part of the property; and (b) directing the manner in which the proceeds from the disposal of the property, or the part of the property, are to be disposed of or dealt with.