5Vesting of certain property in corporation

5 Vesting of certain property in corporation

5 Vesting of certain property in corporation

(1) Subject to this Act, any property that immediately before the commencement of this Act, was vested in the association or in any person in trust for, or on behalf of, the association is hereby divested from the association or that person, as the case may be, and is hereby vested in the corporation freed and discharged from any trusts (other than trusts referred to in subsection (2)) affecting it immediately before that commencement.

(2) The vesting effected by subsection (1) does not prejudice or affect:

(a) any special trust,

(b) any resulting trust,

(c) any trust in favour of a donor,

(d) any trust in favour of a person other than an association or a company, or

(e) any reservation, mortgage, charge, encumbrance, lien or lease,

that, immediately before the commencement of this Act, affected the property vested.

(3) An attornment to the corporation by any lessee of property vested in it by this section is not necessary.