The Pamphlet Collection of Sir Robert Stout: Volume 45
Holding land
Holding land.
(2.) A society, or any branch of a society, may (if the rules thereof so provide) hold, purchase, or take on lease in the names of the trustees for the time being of such society or branch, in every city town or place where it has an office, any land, and may sell, exchange, mortgage, lease, or build upon the same (with power to alter and pull down buildings and again rebuild), and no purchaser, assignee, mortgagee, or tenant shall be bound to inquire as to the authority for any sale, exchange, mortgage, or lease by the trustees, and the receipt of the trustees shall be a discharge for all moneys arising from or in connection with such sale, exchange, mortgage or lease; and for the purpose of this section no branch of a registered society need be separately registered: Provided that nothing herein contained shall authorise any benevolent society to hold land exceeding one acre in extent at any one time.