(1) On the
incorporation of an association under section 10 all real and personal
property held by any person for or on behalf of the association vests, by
virtue of this subsection, in the incorporated association.
(2) Any property
vested in an incorporated association by subsection (1) is vested subject to
any trust, restriction or obligation to which that property was subject
immediately before it became so vested.
(3) On —
(a) the
application of an incorporated association in which any estate or interest in
land has been vested by subsection (1); and
(b) the
production of such duplicate instruments of title and other documents as the
Registrar of Titles or the Registrar of Deeds and Transfers may require,
the Registrar of
Titles or the Registrar of Deeds and Transfers must record and register the
vesting of that estate or interest in land in the association.