Queensland Consolidated Acts

RETURNED & SERVICES LEAGUE OF AUSTRALIA (QUEENSLAND BRANCH) ACT 1956 - SECT 3C

3C Vesting of property after registration of company

(1) This section applies if—

(a) a company is registered under the Corporations Act; and

(b) property that, under section 3 (1) , is vested in the trustees of a district branch or sub-branch (the
"branch" ) is transferred to the company by the trustees; and

(c) before the trustees transfer the property, the authorised representative certifies to the trustees that the authorised representative is satisfied the company is a suitable entity for assuming, for all practical purposes, responsibility for the branch’s property.

(2) When the transfer is completed—

(a) sections 3 (1) , 4 and 7 no longer apply to the branch, or the trustees of the branch, to the extent that the provisions relate to the property the subject of the transfer; and

(b) the provisions of a trust that applied to the property immediately before the trustees transferred the property to the company continue to apply for the holding of the property by the company.

(3) For applying subsection (2) (b) , the trust mentioned in that provision includes the trusts, purposes and conditions stated in the rules and by-laws, as amended from time to time, governing the branch.