sec.66Disposal of particular property

sec.66 Disposal of particular property

This section applies if the board of a foundation considers any property vested in the foundation that is subject to a condition or trust is— unfit or not required for its purposes; or property of insufficient value. The foundation may— sell the property; or exchange the property for other property; or dispose of the property in another way. If the property is sold, the proceeds of sale must be applied in the following order— in payment of the reasonable expenses incurred in selling the property; the balance to be held and managed for the registered objects of the foundation. If the property is exchanged for other property, the property acquired by way of the exchange must be held and managed for the registered objects of the foundation. A person who acquires property from a foundation under this section acquires ownership of the property free from any condition or trust relating to the sale, disposal, exchange or use of the property to which the property was subject when vested in the foundation. In this section— property of insufficient value means property that— is of no value; or if sold by a foundation, would not be likely to return sufficient proceeds of sale to cover the expenses reasonably incurred by the foundation in selling the property. (sec.66-ssec.1) This section applies if the board of a foundation considers any property vested in the foundation that is subject to a condition or trust is— unfit or not required for its purposes; or property of insufficient value. (sec.66-ssec.2) The foundation may— sell the property; or exchange the property for other property; or dispose of the property in another way. (sec.66-ssec.3) If the property is sold, the proceeds of sale must be applied in the following order— in payment of the reasonable expenses incurred in selling the property; the balance to be held and managed for the registered objects of the foundation. (sec.66-ssec.4) If the property is exchanged for other property, the property acquired by way of the exchange must be held and managed for the registered objects of the foundation. (sec.66-ssec.5) A person who acquires property from a foundation under this section acquires ownership of the property free from any condition or trust relating to the sale, disposal, exchange or use of the property to which the property was subject when vested in the foundation. (sec.66-ssec.6) In this section— property of insufficient value means property that— is of no value; or if sold by a foundation, would not be likely to return sufficient proceeds of sale to cover the expenses reasonably incurred by the foundation in selling the property.

• (a) unfit or not required for its purposes; or
• (b) property of insufficient value.
• (a) sell the property; or
• (b) exchange the property for other property; or