Powers of Association
5 Powers of Association
Subject to the Act, the Association has power to do all things incidental or conducive to achieve its purposes.
Without limiting subrule (1), the Association may—
acquire, hold and dispose of real or personal property; or
open and operate accounts with financial institutions; or
invest its money in any security in which trust monies may lawfully be invested; or
raise and borrow money on any terms and in any manner as it thinks fit; or
secure the repayment of money raised or borrowed, or the payment of a debt or liability; or
appoint agents to transact business on its behalf; or
enter into any other contract it considers necessary or desirable.
The Association may only exercise its powers and use its income and assets (including any surplus) for its purposes.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.