Section 40

In favour of any purchaser of registered land, a corporation or a limited liability partnership is deemed to have the same powers of acquisition and disposition as a natural person of full age and legal capacity.

This section applies to all corporations whether sole or aggregate, whether created by any written law or otherwise, and to all limited liability partnerships, and despite any stipulation, restriction, or qualification imposed in the constitution of the corporation or limited liability partnership (as the case may be) or elsewhere.

Nothing in this section shall be held to diminish the personal liability of any individual or group of individuals controlling or responsible for the management of a corporation or a limited liability partnership for acting in excess of its corporate powers.

Where a corporation or a limited liability partnership holds land in a fiduciary capacity, this section shall not be held to extend the powers of the corporation or the limited liability partnership in respect of that land nor otherwise to affect the liability of the corporation or the limited liability partnership to the beneficiaries for acting in excess of those powers.