Rules of Association

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Article Index

4. Powers of Association

4.1 The powers conferred on the Association are the same as those conferred by section 13 of the Act, so that subject to the Act and any additions, exclusions or modifications inserted below, the Association may do all things necessary or convenient for carrying out its objects and purposes, and in particular, may -

(a) acquire, hold, deal with, and dispose of any real or personal property;

(b) open and operate bank accounts; (c) invest its money -
(i) in any security in which trust monies may lawfully be invested; or
(ii) in any other manner authorised by the rules of the Association; (d) borrow money upon such terms and conditions as the Association thinks fit;

(e) give such security for the discharge of liabilities incurred by the Association as the Association thinks fit;

(f) appoint agents to transact any business of the Association on its behalf;

(g) enter into any other contract it considers necessary or desirable; and

(h) may act as trustee and accept and hold real and personal property upon trust, but does not have power to do any act or thing as a trustee that, if done otherwise than as a trustee, would contravene this Act or the rules of the Association.