Property how vested

All properties, movable and immovable, belonging to a society, whether acquired before or after its registration, shall vest in the society, and any such property may be referred to as the property of such society in any legal proceeding: Provided that in case a housing society or a resident welfare association registered as a society for the operation, management and maintenance of facilities for the residents or civic amenities of any defined area, the property may vest in the members or their successor-in-interest who have contributed for acquisition of such property: Provided further that where a society accepts a gift or donation of money or property of any other kind from any person or institution for a specific purpose, it shall use such money or property gifted or donated or any part thereof only for the purpose for which it has been so gifted or donated and for no other purpose.