34Power of bodies corporate to hold property as joint tenants

34 Power of bodies corporate to hold property as joint tenants (1) A body corporate is capable of acquiring and holding property as a joint tenant in the same manner as if it were a natural person. (2) If a body corporate and a natural person or 2 or more bodies corporate become entitled to property under circumstances or because of an instrument that would, if the body corporate had been a natural person, have created a joint tenancy, they are entitled to the property as joint tenants. (3) The acquisition and holding of property by a body corporate in joint tenancy is subject to the same conditions and restrictions that attach to the acquisition and holding of property by a body corporate in severalty. (4) If a body corporate holds property as a joint tenant, on its dissolution the property devolves on the other joint tenant. (5) This section applies to the acquisition and holding of property occurring after the commencement of this Act.