31. Corporations
Feedback & supportIn favour of any purchaser of registered land, a corporation shall be deemed to have the same powers of acquisition and disposition as a natural person of full age and legal capacity.
purchaser
“purchaser” means a person who in good faith and for valuable consideration acquires an interest in land, and includes a mortgagee, chargee and lessee;
This section applies to all corporations whether sole or aggregate; whether created directly by Act or otherwise; and notwithstanding any stipulation, restriction, or qualification, imposed in the constitution of the corporation or elsewhere.
restriction
“restriction” means a restriction on the user of registered land created expressly by a covenant other than a covenant contained in a mortgage, charge or lease;
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 for acting in excess of its corporate powers.
Where a corporation holds land in a fiduciary capacity, this section shall not be held to extend the powers of the corporation in respect of that land, nor otherwise to affect the liability of the corporation to the beneficiaries for acting in excess of those powers.[27
land
“land” means the surface of any defined parcel of the earth, and all substances thereunder, and so much of the column of air above the surface as is reasonably necessary for the proprietor’s use and enjoyment, and includes any estate or interest in land and all vegetation growing thereon and structures affixed thereto. Subject to any provision to the contrary the proprietorship of land includes natural rights to air, light, water and support and the right of access to any highway on which the land abuts;