(1) Subject to this
Act and to its rules, an incorporated association may do all things necessary
or convenient for carrying out its objects and purposes, and in particular,
may —
(a)
acquire, hold, deal with, and dispose of any real or personal property; and
(b) open
and operate bank accounts; and
(c)
invest its money —
(i)
as trust funds may be invested under the
Trustees Act 1962 Part III; or
(ii)
in any other manner authorised by the rules of the
association;
and
(d)
borrow money upon such terms and conditions as the association thinks fit; and
(e) give
such security for the discharge of liabilities incurred by the association as
the association thinks fit; and
(f)
appoint agents to transact any business of the association on its behalf; and
(g)
enter into any other contract it considers necessary or desirable.
(2) An incorporated
association may, unless its rules otherwise provide, act as trustee and accept
and hold real and personal property upon trust, but an incorporated
association does not have power to do any act or thing as a trustee that, if
done otherwise than as a trustee, would contravene this Act or the rules of
the association.