54Disposal of trust property

54 Disposal of trust property (1) If a trust in relation to property held by an incorporated association has come wholly or partly to an end, the association may apply to the court for an order authorising the disposal of all or part of the property. (2) Application for an order must be made— (a) if the value of the property does not exceed $50 000—to the Magistrates Court; or (b) in any other case—to the Supreme Court. (3) On hearing an application, the court may, if it thinks it just to do so, make an order— (a) authorising the disposal of all or part of the property; and (b) directing the way in which the proceeds from the disposal of the property or part are to be dealt with. (4) An application may be made, and the court may exercise its powers, even though the deed or other instrument creating or embodying the trust does not, or the rules of the association do not, contain any power to dispose of the property or prohibit the disposal of the property.