16Power to accept gifts, devises or bequests

16 Power to accept gifts, devises or bequests

16 Power to accept gifts, devises or bequests

(1) The Cancer Institute has power to acquire by gift, devise or bequest any property for the purposes of this Act and to agree to, and carry out, the conditions (if any) of the gift, devise or bequest.

(2) The rule of law against remoteness of vesting does not apply to any condition of a gift, devise or bequest to which the Cancer Institute has agreed.

(3) If the Cancer Institute accepts a gift or bequest of securities which are comprised of debentures, debenture stock, preference or ordinary stock or preference or ordinary shares, of a company under the Corporations Act 2001 of the Commonwealth, and the securities are not subject to any liability for calls or other payments other than a call or calls within a limited period, the Cancer Institute may:

(a) retain the securities, and

(b) pay any calls or other payment in respect of the securities, and

(c) exercise any rights to participate in an issue of securities accruing to the Cancer Institute as the holder of the securities retained.

(4) The Duties Act 1997 does not apply to or in respect of any gift to, or bequest or devise in favour of, the Cancer Institute.