A local tennis club is an unincorporated association. Which statement is correct?
An unincorporated association, such as many clubs, has no legal personality separate from its members. It cannot own property in its own name, so land and investments are usually held by trustees or officers for the members under the club's rules. It is not automatically a charity, and members do not get statutory limited liability; that comes from incorporating, for example as a company or a charitable incorporated organisation (common law; Charities Act 2011 for charitable status).
Assuming any club or association is a legal person in its own right.
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