sec.22Property for an association

### sec.22 Property for an association On incorporation of an association— property held for the association or its objects, whether on trust or otherwise, becomes property of the incorporated association; and the provisions of a trust that applied to the property immediately before incorporation continue to apply. The operation of subsection (1) (a) — does not affect a covenant, contract or liability that applied to the property before the association’s incorporation; and relieves a person who held the property for the association or its objects, whether on trust or otherwise, from— liability or accountability for the property; or being bound to see to the application, distribution or appropriation of the property. s 22 ins 1995 No. 7 s 6 amd 1999 No. 63 s 4 ; 2001 No. 71 s 551 sch 1 (sec.22-ssec.1) On incorporation of an association— property held for the association or its objects, whether on trust or otherwise, becomes property of the incorporated association; and the provisions of a trust that applied to the property immediately before incorporation continue to apply. (sec.22-ssec.2) The operation of subsection (1) (a) — does not affect a covenant, contract or liability that applied to the property before the association’s incorporation; and relieves a person who held the property for the association or its objects, whether on trust or otherwise, from— liability or accountability for the property; or being bound to see to the application, distribution or appropriation of the property. - (a) property held for the association or its objects, whether on trust or otherwise, becomes property of the incorporated association; and - (b) the provisions of a trust that applied to the property immediately before incorporation continue to apply. - (a) does not affect a covenant, contract or liability that applied to the property before the association’s incorporation; and - (b) relieves a person who held the property for the association or its objects, whether on trust or otherwise, from— (i) liability or accountability for the property; or (ii) being bound to see to the application, distribution or appropriation of the property. - (i) liability or accountability for the property; or - (ii) being bound to see to the application, distribution or appropriation of the property. - (i) liability or accountability for the property; or - (ii) being bound to see to the application, distribution or appropriation of the property.