10Dealings with property

10 Dealings with property

10 Dealings with property

(1) The Corporation shall deal with or dispose of the real and personal property of the Corporation, subject to any express trust affecting the property, in such manner as the Executive Committee appointed under the Constitution thinks fit.

(2) A proposed mortgage or sale of real property shall be submitted to an ordinary meeting of the Executive Committee.

(3) Notice of that meeting shall specially mention the proposal.

(4) If the proposal is approved by resolution passed by a majority comprising not less than two-thirds of the members present when the motion is put, the Executive Committee may give effect to the proposal.

(5) A copy of the resolution, sealed by the Corporation, is conclusive evidence in favour of a person claiming by, through or under the mortgage or sale that the resolution was duly passed in compliance with this Act and the Constitution.

(6) A purchaser or mortgagor is not bound to see to the application of money paid or advanced.

s 10: Subst 1986 No 148, Sch 1 (8).