Property Law Act 1969

Subject to subsection (2) a body corporate is capable of acquiring and holding any property in joint tenancy in the same manner as if it were an individual, and where a body corporate and an individual or 2 or more bodies corporate become entitled to any property under circumstances or by virtue of any instrument that would, if the body corporate had been an individual, have created a joint tenancy they are entitled to the property as joint tenants.

The acquisition and holding of property by a body corporate in joint tenancy is subject to the like conditions and restrictions as attach to the acquisition and holding of property by a body corporate in severalty.

Where a body corporate is a joint tenant of any property, then on its dissolution the property devolves on the other joint tenant.

For the purposes of this section and section 227 of the Transfer of Land Act 1893, the dissolution of a corporation has the same effect as the death of a joint proprietor.