23Property

23 Property (1) Any property that was, immediately before the date on which an association was incorporated, held, in trust or otherwise, on behalf of the association or proposed association by any person (including, for an association incorporated under section 27, property held by or on behalf of an amalgamating association within the meaning of division 3.3) is taken to have vested in the association on incorporation. (2) Property referred to in subsection (1) vests in an association subject to any mortgage, charge, encumbrance, lien, lease, covenant, contract or other liability affecting the property immediately before the date on which the association was incorporated, and subject to the provisions of any trust affecting the property immediately before that date. (3) After property that is taken to have vested in an association in accordance with subsection (1) has been delivered or transferred to the association, the trustee of that property immediately before it became so vested is not liable or accountable for the property and is not bound to see to the application, distribution or appropriation of that property.