10Dissolution of Church of Christ: disposal of property

10 Dissolution of Church of Christ: disposal of property

(1)  Where any affiliated Church of Christ, whether its property is vested in the Association as trustee under this Act or not, is dissolved or dispersed and not formed again within 6 months after such dissolution or dispersal or if the stated public worship of God in premises of such Church of Christ shall be discontinued for two consecutive years, then in either case the interest of such Church of Christ in any property shall vest in the Association.

(2)  Where any property vests in the Association under subsection (1) , the Association shall hold the same free from trusts under this Act but subject to any encumbrance to which the property was subject at the time of the vesting.

(3)  When any property is vested in the Association under this section the Association may let, sell, or otherwise dispose of the whole or any part of the same and the proceeds of the letting, sale, or other disposal shall be applied firstly to the satisfaction of any encumbrances subject to which the property vested in the Association, secondly, to the expenses and charges of the letting, sale, or other disposal of the property, and thirdly, as directed by convention.