(1)The issue of a certificate of incorporation shall, subject to this Act, confer on the officers the powers to sue and the liability to be sued in the corporate name of the association, to make contracts binding on the association and all its members, to grant mortgages, pledges or liens over any property of the association and to dispose of any property of the association.

(2)The managing committee shall hold any land and other property which it holds as such and exercise its powers as such for and on behalf of all members of the association on any exercise of its functions.

(3)Where land is held on a certificate of customary ownership or a freehold or leasehold title by the managing committee on behalf of an association, no transactions of any kind in respect of the land or any part of the land shall be entered into or undertaken or concluded by the managing committee unless a majority convened for the purpose approve the specific transactions which are the subject of the meeting, and any transaction which is concluded which does not comply with this subsection shall be null and void and shall give rise to no rights or interest in the land.