Restraint on alienation to companies, &c.
35 Restraint on alienation to companies, &c.
No body corporate shall be capable of enjoying any state of freehold or term of years, at law or in equity, in any holding for its own use and benefit, and any disposition whatsoever which would otherwise have this effect shall result in a use or trust in favour of the Board for the purposes of this Act.
The provisions of subsection (1) do not apply to a body corporate to which a disposition of an estate of freehold or term of years in a holding is made with the approval in writing of the Board if all moneys owing in respect of the holding to the Board and to such other persons as the Board may direct are paid on or before the completion of the disposition.
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