4Power to hold real and personal estate

#### 4 Power to hold real and personal estate 4 Power to hold real and personal estate > The Body Corporate may: > > > (a) take purchase acquire hold and enjoy in fee-simple or for any less estate lands with or without buildings thereon, > > > (b) take purchase acquire and receive hold and enjoy any chattels and personal property and > > > (c) upon such terms and conditions as to it may seem fit to sell grant convey demise and otherwise dispose of either absolutely or by way of mortgage or charge or otherwise howsoever any of the real and personal property belonging or which may belong to the Body Corporate Provided always that any such real property shall not neither shall any part thereof be sold or mortgaged or charged or leased at any one time for a term exceeding five years without the authority of the members first had and obtained which authority shall be evidenced by Resolution in manner prescribed in section twenty-three of this Act Provided always that the Board of Management may from time to time without such authority borrow upon the Security of any lands belonging to the Body Corporate by way of mortgage charge or encumbrance or by deposit of title deeds such sum and sums of money as the Board of Management may think necessary for any of the objects or purposes of the Body Corporate Provided further that if any such real property or any part thereof be alienated by the Body Corporate whatever is received by the Body Corporate by way of consideration or in exchange shall be applied for or towards the attainment of the objects of the Body Corporate Provided also that if such consideration or any part thereof consists of money then pending the application of same in providing and maintaining a Home for the purposes mentioned in subsection (a) of section five of this Act such money shall be invested in manner prescribed by Rules made pursuant to subsection (c) of section seventeen of this Act and the nett income derived therefrom shall be applied in and towards all or any of the objects set forth in the said section five. > > **s 4:** Am 1969 No 52, sec 2 (a).