sec.94Vesting of property on cancellation

### sec.94 Vesting of property on cancellation Where the incorporation of an incorporated association is cancelled under section 93 or 93B — the chief executive may by gazette notice vest all or any property of such association in the public trustee; and subject to paragraph (c) the property vested in the public trustee under this section shall be held upon the trusts and for the purposes upon or for which they were held prior to being vested in the public trustee; and the chief executive may by gazette notice vary the trusts or purposes referred to in paragraph (b) and may by the same or any subsequent gazette notice vest that property or any part thereof in such persons or incorporated associations and for such purposes as the chief executive shall specify; and the receipt of the public trustee shall be sufficient discharge to any persons paying or transferring any property under this section as to the property paid or transferred, and the said persons shall not thereafter be liable or accountable therefor or be bound to see to the application, distribution or appropriation thereof. s 94 amd 1995 No. 7 s 3 sch ; 1996 No. 56 s 25 ; 2003 No. 94 s 6 ; 2007 No. 36 s 2 sch ; 2022 No. 27 s 82 - (a) the chief executive may by gazette notice vest all or any property of such association in the public trustee; and - (b) subject to paragraph (c) the property vested in the public trustee under this section shall be held upon the trusts and for the purposes upon or for which they were held prior to being vested in the public trustee; and - (c) the chief executive may by gazette notice vary the trusts or purposes referred to in paragraph (b) and may by the same or any subsequent gazette notice vest that property or any part thereof in such persons or incorporated associations and for such purposes as the chief executive shall specify; and - (d) the receipt of the public trustee shall be sufficient discharge to any persons paying or transferring any property under this section as to the property paid or transferred, and the said persons shall not thereafter be liable or accountable therefor or be bound to see to the application, distribution or appropriation thereof.