13. Powers of an incorporated association
(1) Subject to this Act and to its rules, an incorporated association may do all things necessary or convenient for carrying out its objects and purposes, and in particular, may ¾
(a) acquire, hold, deal with, and dispose of any real or personal property;
(b) open and operate bank accounts;
(c) invest its money ¾
(i) as trust funds may be invested under Part III of the Trustees Act 1962; 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; and
(g) enter into any other contract it considers necessary or desirable.
(2) An incorporated association may, unless its rules otherwise provide, act as trustee and accept and hold real and personal property upon trust, but an incorporated association 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.
[Section 13 amended by No. 1 of 1997 s. 18.]