8Mode of dealing with property

8 Mode of dealing with property

8 Mode of dealing with property

The board of directors shall deal with or dispose of any real or personal property vested in the said body corporate, in such manner as they think fit, but subject, in the case of a sale of real property, to the following conditions, namely:

(a) Any proposed sale of such real property shall be submitted in the first instance to an ordinary meeting of the board of directors.

(b) At the next ordinary meeting of the board of directors, of which not less than seven days notice shall have been given, such proposed sale of such real property shall be submitted to the meeting, and if approved of by not less than two-thirds of those present when the motion is put, may be carried into effect by the board of directors.

(c) (Repealed)

(d) A copy of the resolution of the board of directors, directing such sale of such real property if sealed with the seal of the said body corporate, shall be conclusive evidence in favour of any person claiming by, through, or under such sale that such resolution has been duly passed in compliance with the provisions of this Act, and of the articles of the constitution.

(e) No purchaser, or any person claiming such real property, or any portion thereof, or any interest therein, in pursuance of such resolution shall be bound to see to the application of any moneys paid by him in respect of such sale of such real property.

s 8: Am 1976 No 60, Sch 1 (7).