South Australian Current Acts

LAW OF PROPERTY ACT 1936 - SECT 24C

24C—Body corporate may hold property as joint tenant

        (1)         Subject to subsection (2), a body corporate is capable of acquiring and holding real or personal property in joint tenancy.

        (2)         The acquisition and holding of property by a body corporate in joint tenancy is subject to—

            (a)         any limitations on the capacity of the body corporate to acquire or hold property in joint tenancy imposed by a statute or other instrument defining or affecting the capacities of the body corporate; and

            (b)         any limitations on the capacity of the body corporate to acquire or hold property that apply whether the property is to be acquired or held in joint tenancy or not.

        (3)         Where a body corporate is a joint tenant of property, the property devolves, on dissolution of the body corporate, on the other joint tenant.