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CANCER INSTITUTE (NSW) ACT 2003 - SECT 16
Power to accept gifts, devises or bequests
16 Power to accept gifts, devises or bequests
(1) The Cancer Institute has power to acquire by gift, devise or bequest any
property for the purposes of this Act and to agree to, and carry out, the
conditions (if any) of the gift, devise or bequest.
(2) The rule of law
against remoteness of vesting does not apply to any condition of a gift,
devise or bequest to which the Cancer Institute has agreed.
(3) If the
Cancer Institute accepts a gift or bequest of securities which are comprised
of debentures, debenture stock, preference or ordinary stock or preference or
ordinary shares, of a company under the Corporations Act 2001 of the
Commonwealth, and the securities are not subject to any liability for calls or
other payments other than a call or calls within a limited period, the
Cancer Institute may: (a) retain the securities, and
(b) pay any calls or
other payment in respect of the securities, and
(c) exercise any rights to
participate in an issue of securities accruing to the Cancer Institute as the
holder of the securities retained.
(4) The Duties Act 1997 does not apply to
or in respect of any gift to, or bequest or devise in favour of, the
Cancer Institute.
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