Section 72 — Property Law Act 2007: Body corporate may hold property as joint tenant

72 Body corporate may hold property as joint tenant (1) If a body corporate has power to acquire and hold property, the body corporate may acquire and hold property as a joint tenant with 1 or more individuals or other bodies corporate. (2) If a body corporate is a joint tenant of property, its interest as joint tenant devolves on the surviving joint tenant in the following cases: (a) in the case of a company, if it is removed from the New Zealand register: (b) in the case of an overseas company registered under Part 18 of the Companies Act 1993, if it is removed from the overseas register: (c) in any other case, if it ceases to exist. (3) This section— (a) overrides section 324 of the Companies Act 1993; but (b) does not apply to a company removed from the New Zealand register under section 355 of the Companies Act 1993. Compare: 1952 No 51 s 32