CHAPTER
147
BODIES CORPORATE (JOINT TENANCY) |
ARRANGEMENT OF
SECTIONS |
SECTION |
|
Power for corporations to hold property as joint
tenants. |
CHAPTER 147 |
BODIES CORPORATE
(JOINT TENANCY) |
An Act
for enabling bodies corporate to hold property in joint tenancy. | 23 of 1908 |
[Commencement 8th
June, 1908] |
1. This Act may be cited as the Bodies Corporate (Joint
Tenancy) Act. | Short title. |
2. (1) A body corporate shall be capable of acquiring
and holding any real or personal property in joint tenancy in the same manner
as if it were an individual; and where a body corporate and an individual, or
two or more bodies corporate, become entitled to any such property under
circumstances or by virtue of any instrument which would, if the body corporate
had been an individual, have created a joint tenancy they shall be entitled to
the property as joint tenants: | Power for corporations to hold property as joint
tenants. |
Provided that the
acquisition and holding of property by a body corporate in joint tenancy shall
be subject to the like conditions and restrictions as attach to the acquisition
and holding of property by a body corporate in severalty. |
(2) Where a body
corporate is joint tenant of any property, then on its dissolution the property
shall devolve on the other joint tenant. |