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Devolution of property of dissolved body corporate.
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28.—(1) In this section “body corporate” does not include a body corporate dissolved by an enactment wherein it is provided that the property of that body corporate shall, on such dissolution, vest in some other person.
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(2) Where a body corporate is dissolved, either before, on or after the operative date, the following provisions shall apply and have effect and, in the case of a body corporate dissolved before the operative date, be deemed to have applied and to have had effect as from such dissolution, that is to say:—
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(a) all land which was vested in or held in trust for such body corporate immediately before its dissolution (other than land held by such body corporate upon trust for another person) shall, immediately upon such dissolution, become and be the property of the State, subject however to any incumbrances or charges affecting the land immediately before such dissolution,
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(b) all personal property (excluding chattels real but including choses-in-action) which is vested in or held in trust for such body corporate immediately before its dissolution (other than personal property held by such body corporate upon trust for another person) shall, immediately upon such dissolution become and be State property.
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(3) Subsection (2) of this section shall have effect subject and without prejudice to any order made by a court under section 223 or subsection (6) of section 242 of the Companies (Consolidation) Act, 1908.
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