—(1) Subject to the provisions of this Act and any other written law and its memorandum or articles of association, a company has —
full capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and
for the purposes of paragraph (a), full rights, powers and privileges.
(1A) A company may have the objects of the company included in its memorandum.
(1B) The memorandum or articles of association of a company may contain a provision restricting its capacity, rights, powers or privileges.
[NZ, 1993, s. 16]
(2) A company formed for the purpose of providing recreation or amusement or promoting commerce, industry, art, science, religion or any other like object not involving the acquisition of gain by the company or by its individual members shall not acquire any land without the approval of the Minister but the Minister may empower any such company to hold lands in such quantity and subject to such conditions as he thinks fit.
(3) Notice of a decision of the Minister under subsection (2) shall be given by the Registrar on behalf of the Minister to the company.
(4) The decision of the Minister under subsection (2) shall be final and shall not be called in question by any court.
(5) Upon the application of a company and payment of the prescribed fee, the Registrar shall issue to the company a certificate confirming the decision under subsection (2).
[Aust., 1961, s. 19; NZ, 1993, s. 16]