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Land and buildings.
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16.—(1) A society shall, so far as is necessary for the purpose for which it was established, have power to hold land with the right of sale.
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(2) A society may purchase, build, hire or take on lease a building for conducting its business and may adapt, extend and furnish such a building.
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(3) A society may purchase or hold on lease any land for the sole purpose of erecting on it a building for conducting the business of the society.
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(4) A society may sell, exchange or let the whole or part of any building or land mentioned in subsection (2) or (3).
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(5) Any land or building to which a society becomes absolutely entitled by surrender or other extinguishment of the right of redemption shall, as soon as practicable, be sold or converted into money.
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