New South Wales Consolidated Acts

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Power of corporation to accept gifts etc

115 Power of corporation to accept gifts etc

(1) The corporation may acquire, by gift inter vivos, devise or bequest, any property for the purposes of this Act and may agree to the condition of any such gift, devise or bequest.
(2) The rule of law against remoteness of vesting shall not apply to any such condition to which the corporation has agreed.
(3) Where the corporation acquires property under subsection (1)--
(a) neither an instrument that effects the acquisition nor any agreement pursuant to which the property is acquired is chargeable with duty under the Stamp Duties Act 1920 , and
(b) the property, or the value of the property, shall not be included in the dutiable estate of the donor or testator for the purposes of assessing death duty under that Act.

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