Geraldton Sailors and Soldiers’ Memorial Institute (Trust Property Disposition) Act 1938
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Reprinted under the Reprints Act 1984 as at 9 May 2003 |
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Western Australia
Geraldton Sailors and Soldiers’ Memorial Institute (Trust Property Disposition) Act 1938
CONTENTS
1.Short title2
2.Interpretation2
3.Proceeds from sale of land may be used to discharge liability to the Bank2
4.Power to sell investments or to borrow on security of investments to discharge liability to the Bank3
5.Surplus proceeds of sale of investments to be held by Trustees in trust for certain purposes3
Schedule
Notes
Compilation table6
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Reprinted under the Reprints Act 1984 as at 9 May 2003 |
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Western Australia
Geraldton Sailors and Soldiers’ Memorial Institute (Trust Property Disposition) Act 1938
An Act to authorise the Trustees of The Geraldton Sailors and Soldiers’ Memorial Institute to sell and dispose of certain trust property and to apply the proceeds of such sale for the discharge of a certain liability.
Preamble
Whereas by virtue of section 5 of the Geraldton Sailors and Soldiers’ Memorial Institute Act 1929, certain land, chattels and money are vested in the Trustees of the Geraldton Sailors and Soldiers’ Memorial Institute as constituted by the said Act in trust for the purposes declared by the said section: And whereas the said Trustees are indebted to the National Bank of Australasia Limited in the sum of Three
Be it therefore enacted by the King’s Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows: —
This Act may be cited as the Geraldton Sailors and Soldiers’ Memorial Institute (Trust Property Disposition) Act 1938, and shall be read with the Geraldton Sailors and Soldiers’ Memorial Institute Act 1929 (No. 38 of 1929), hereinafter referred to as the principal Act 1.
In this Act —
The Bank means the National Bank of Australasia Limited.
The said land means the land vested in the Trustees by section 5
The said chattels and money means the chattels and the sum of money and all the interest and income thereon and therefrom vested in the Trustees by section 5
The Trustees means The Trustees of the Geraldton Sailors and Soldiers’ Memorial Institute as constituted by section 4
3.Proceeds from sale of land may be used to discharge liability to the Bank
If and when, pursuant to the power conferred by section 6
4.Power to sell investments or to borrow on security of investments to discharge liability to the Bank
If the net proceeds realised by the sale of the said land are not sufficient to repay in full to the Bank the advances and interest owing and payable by the Trustees as aforesaid
(a)to sell the said chattels, and the investments for the time being representing the said money or so many of the said chattels or of the said investments as may be necessary; and
(b)to pay, use and apply the net proceeds of any such sale in or towards the repayment to the Bank of any balance of the said advances and interest thereon still owing and unpaid after the payment to the Bank of the net proceeds of the sale of the said land in reduction of the said indebtedness of the Trustees to the Bank;
(c)in lieu of selling the investments for the time being representing the said money, to borrow on the security of the said
5.Surplus proceeds of sale of investments to be held by Trustees in trust for certain purposes
If the Trustees shall sell the investments for the time being representing the said money under the power conferred by section 4
All those pieces of land being —
Firstly — Portion of Geraldton Town Lot 54 and being part of Lot 1 on Diagram 3065 now the subject of Diagram 5349; and
Secondly — Portion of Geraldton Town Lot 54 and being Lot 2 on Plan 3065,
and being the whole of the land comprised in Certificate of Title Volume 768, folio 48.
1This is a reprint as at 9 May 2003 of the Geraldton Sailors and Soldiers’ Memorial Institute (Trust Property Disposition) Act 1938 3. The following table contains information about that Act and any reprint.
Short title |
Number and year |
Assent |
Commencement |
Geraldton Sailors and Soldiers’ Memorial Institute (Trust Property Disposition) Act 1938 |
3 of 1938 |
25 Oct 1938 |
25 Oct 1938 |
Reprint 1: The Geraldton Sailors and Soldiers’ Memorial Institute (Trust Property Disposition) Act 1938 as at 9 May 2003 |
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2The reference to the old currency is of historical interest only and so has not been amended under the Decimal Currency Act 1965.
3This Act to be read with:
Geraldton Sailors and Soldiers’ Memorial Institute Act 1929.
Related Acts:
Geraldton Sailors and Soldiers’ Memorial Institute Lands Vesting Act 1933.
Geraldton Sailors and Soldiers’ Memorial Institute Enabling Act 1934.