Clause 40

In 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.

This section shall apply to all corporations whether sole or aggregate, whether created by any written law or otherwise, and notwithstanding any stipulation, restriction, or qualification imposed in the constitution of the corporation 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 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.