141Property Agents Trust

141 Property Agents Trust

(1)  The body corporate that was continued as the Property Agents Trust under section 150(1) of the repealed Act is continued as a body corporate under that name for the purposes of this Act.

(2)  The Trust may have a seal and may sue and be sued in its corporate name.

(3)  If the Trust has a seal –

(a) it is to be kept and used as authorised by the Trust; and

(b) all courts or persons acting judicially must take judicial notice of the imprint of the seal on a document and presume that the document was duly sealed by the Trust.

(4)  The Trust consists of –

(a) the Chair of the Trust appointed by the Governor; and

(b) two other members appointed by the Governor, one of whom is to be a representative of property agents, and the other being a person with wide knowledge of financial matters.

(5)  The Chair of the Trust is not to be –

(a) a property agent; or

(b) a representative of property agents; or

(c) a member of the Board.

(6)  Schedule 3 has effect with respect to the membership and meetings of the Trust.