9Vesting of Assembly property in the Foundation

9 Vesting of Assembly property in the Foundation

9 Vesting of Assembly property in the Foundation

(1) Any property that on or after the appointed day is vested in any person (other than the Foundation) or persons as trustee or trustees for, or for the purposes of, any Assembly or Assembly organisation, is, upon:

(a) the consent of the Foundation, and

(b) the consent of:

(i) that trustee or the majority of those trustees, or

(ii) in the case of property held on trust for an Assembly, that trustee or the majority of those trustees or the consent of the Assembly given in the manner prescribed by the by-laws,

vested in the Foundation (without conveyance) to be held by the Foundation on trust for that Assembly or Assembly organisation.

(2) Subject to this Act, the Foundation holds the property on trust as if it were the trustee or trustees who held the property immediately before it vested in the Foundation.

(3) From the date any property vests in the Foundation, the former trustee or trustees are discharged from the trust.

(4) The vesting of the property in the Foundation does not affect any reservation, mortgage, charge, encumbrance, lien or lease that affected the property immediately before vesting.

(5) An instrument executed only for:

(a) the purpose of giving effect to this section, or

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

is exempt from stamp duty.