Victorian Current Acts Victorian Current Acts(1) Subject to this section, on the registration of an association as an incorporated association, all property held by a person on trust or otherwise for or on behalf of the association or for any of its purposes is vested in the incorporated association.
(2) If property vests in an incorporated association under this section—
(a) the association must not, except as provided by this Act, deal with the property contrary to the provisions of any trust affecting the property immediately before the incorporation of the association; and
(b) after the property is delivered or transferred to the association, the persons who held the property on trust immediately before it was vested are not—
(i) liable or accountable for the property; or
(ii) bound to see to the application, distribution or appropriation of the property; and
(c) the property is vested subject to any restriction, limitation, mortgage, charge, security interest, encumbrance, lien, lease, covenant, contract or liability to which the property was subject immediately before it was vested.
(3) The receipt of the secretary of an incorporated association is sufficient discharge to a trustee delivering or transferring property to the association under this section as to that property.
(4) If land vests in an incorporated association under this section, the secretary of the association may make a written declaration that the land has been held in trust or otherwise for or on behalf of the association or for any of its purposes.
Note
If land is vested in an incorporated association under this section, an application must be made in accordance with the Transfer of Land Act 1958 —
(a) for the making of any recordings in the register maintained under that Act that are necessary or expedient in consequence of the vesting of the land in the association; or
(b) to bring the land under the operation of that Act.
Division 2—Registration of existing bodies