Part 2Name, rules, powers etc
Power to hold land
26Power to hold land etc
1
A registered society may—
a
(unless its registered rules provide otherwise) hold, purchase or take a lease of any land in its own name;
b
sell, exchange, mortgage or lease any such land;
c
construct, alter or demolish buildings on it.
2
No purchaser, assignee, mortgagee or tenant is bound to inquire as to the authority for any such dealing with the land by the society.
3
The society's receipt is a discharge for all moneys arising from or in connection with any such dealing.
4
In Scotland, this section has effect as if—
a
for “exchange” there were substituted “
excamb
”
;
b
for “mortgage” there were substituted “
grant a heritable security over
”
;
c
for “mortgagee” there were substituted “
creditor in a heritable security
”
.