Power to hold landE+W+S
26Power to hold land etcE+W+S
(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 ”.