12Property may be sold or held on trust at the discretion of convention

12 Property may be sold or held on trust at the discretion of convention

(1)  Without prejudice to its powers under section 4 of this Act, the Association shall, at the direction of convention –

(a) transfer, convey, assign, or otherwise assure to any person named in the direction, subject to any conditions imposed by convention and expressed in the direction, any property vested absolutely in the Association, other than trust property;

(b) hold any property vested in it absolutely, on the trusts set out in Schedule 2 in favour of any affiliated Church of Christ named in the direction; or

(c) hold any property vested in it absolutely subject to any trusts set out in the direction.

(2)  After the transfer, conveyance, assignment, or assurance of any property pursuant to subsection (1) (a) the property so transferred, conveyed, assigned, or assured shall be freed and discharged from any trusts taking effect under this Act to which the property was subject immediately prior to the transfer, conveyance, assignment, or assurance, as the case may be.

(3)  Any property to which subsection (1) (b) applies shall vest in the Association as trustee for the affiliated Church of Christ named in the direction subject to this Act and upon the trusts set out in Schedule 2 .

(4)  The trusts declared to affect property to which subsection (1) (c) applies may at any time be altered or rescinded by resolution passed at convention but only if the notice convening convention shall contain a statement that such alteration or rescission will be considered at convention.

(5)  Any property to which this section applies shall be transferred, conveyed, assigned, assured, or vested (as the case requires) subject to any mortgage, charge, liability, or debt then existing thereon or affecting the same.