10Receipt for certain money

10 Receipt for certain money

10 Receipt for certain money

A receipt for money payable to the corporation shall exonerate the mortgagee, purchaser or other person by whom or on whose behalf the money is so payable from any liability to see to the application thereof, and from any liability for the loss, misapplication or non-application thereof, if the receipt:

(a) is executed in accordance with section 4 under the common seal of the corporation, or

(b) is in writing signed by not less than 3 persons purporting to be duly authorised for the purpose by the executive committee of the corporation.

s 10: Subst 1984 No 5, Sch 1 (7).