s.47Vesting of property
47
Section 47Part 7 — New Testament Church of God

Vesting of property

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All lands and hereditaments and all goods, chattels and personal property in the Islands which are now legally or equitably the property of the Church or are held in trust for the purposes of the Church or are now held or possessed on behalf of the Church by the officials, ministers or members of the Church or any of them or by any person holding under such officials, ministers or members or any of them are hereby transferred to and vested in the corporation, their successors and assigns subject to all trusts, mortgages, charges, rights, reservations or encumbrances, if any, affecting the same or any part thereof.
All property real and personal in the Islands bequeathed by will or otherwise, given to the said Church or any person for the benefit of the Church, shall be held by, and is vested in, and deemed to be the property of the said Corporation.
The following is the real property which is the subject of subsection (2) — Registration Section Block Parcel West Bay North West 1C 360 George Town Central 14BG 60 George Town South 14E 241 George Town South 14E 250 George Town East 19E 6 George Town East 19E 7 George Town East 19E 8 High Rock 68A 77 Cayman Brac West 96D 27
The assets and income of the Church shall be applied exclusively in the furtherance of the purposes of the Church.
No portion of the assets and income of the Church shall be distributed as profit or dividend directly or indirectly to the controllers, shareholders, owners or members of the Church unless such distribution is intended for the legitimate purpose of compensating a person for services to further the activities of the Church or paying for expenses incurred on behalf of the Church.

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