42Vesting of property in Trust on date of assent to this Act

42 Vesting of property in Trust on date of assent to this Act

42 Vesting of property in Trust on date of assent to this Act

(1) Any property that was, immediately before the date of assent to this Act, vested in any person in trust for the Church (and not for a particular congregation) is, on that day, divested from that person and is, to the extent that it is so vested, vested (without conveyance) in the Trust.

(2) Any property that was, immediately before the date of assent to this Act, vested in any person in trust for a particular congregation is, on that day, divested from that person and is, to the extent that it is so vested, vested (without conveyance) in the Trust.

(3) The vesting of property in the Trust by this section does not affect:

(a) any reservation, mortgage, charge, encumbrance, lien or lease that affected the property, or

(b) any trust on which the property was held,

immediately before the vesting of the property.

(4) No attornment to the Trust by a lessee of land vested in the Trust by this section is necessary.

(5) The vesting of property by this Part is not a dutiable transaction for the purposes of the Duties Act 1997.

(6) A dutiable transaction within the meaning of the Duties Act 1997, or an instrument that effects or evidences a dutiable transaction and that occurs or is executed or registered only for:

(a) a purpose ancillary to, or consequential on, the operation of this section, or

(b) the purpose of giving effect to this section,

is not chargeable with duty under the Duties Act 1997.

(7) On and from the date of assent to this Act, the following provisions have effect in relation to property vested in the Trust in accordance with this section:

(a) the rights and liabilities of a former trustee become rights and liabilities of the Trust to be exercised and discharged in accordance with this Act,

(b) the obligations of a former trustee become obligations of the Trust to be performed in accordance with this Act,