sec.4Powers of trustees of Edward Street property

sec.4 Powers of trustees of Edward Street property

Notwithstanding the provisions of the Trades And Labour Hall Management Act 1934 and of the schedule of trusts relating to the Edward Street property contained in the preamble to that Act, and any other law— it is lawful and is deemed always to have been lawful for the trustees as defined under that Act, with the consent of the Governor in Council, to sell the Edward Street property freed and discharged from all trusts (if any) to which it is subject; all moneys realised by the sale of the Edward Street property shall be applied by those trustees firstly in payment of the reasonable expenses of and attending the sale, secondly in payment of any mortgage debt over the said property and, subject thereto, shall be paid to the trustees within the meaning of part 3 for payment towards the purchase price of the Peel Street property in accordance with the relevant provisions of this Act and the receipt in writing of the lastmentioned trustees shall be a full and sufficient discharge for such moneys and the firstmentioned trustees shall not be required to see to the application or be affected by the misapplication or nonapplication of those moneys; it is lawful for the trustees of the Edward Street property, from time to time, to mortgage that property to any person to secure the repayment of moneys raised by the trustees not exceeding a total amount of $2200000 and interest and charges thereon for the purpose of the purchase of the Peel Street property; the Governor in Council may, at the request of the trustees of the Edward Street property, from time to time amend the trusts specified in the Schedule of Trust relating to that property and thereupon the trusts as amended shall deemed to be the trusts upon which that property is held for the time being.

• (a) it is lawful and is deemed always to have been lawful for the trustees as defined under that Act, with the consent of the Governor in Council, to sell the Edward Street property freed and discharged from all trusts (if any) to which it is subject;
• (b) all moneys realised by the sale of the Edward Street property shall be applied by those trustees firstly in payment of the reasonable expenses of and attending the sale, secondly in payment of any mortgage debt over the said property and, subject thereto, shall be paid to the trustees within the meaning of part 3 for payment towards the purchase price of the Peel Street property in accordance with the relevant provisions of this Act and the receipt in writing of the lastmentioned trustees shall be a full and sufficient discharge for such moneys and the firstmentioned trustees shall not be required to see to the application or be affected by the misapplication or nonapplication of those moneys;
• (c) it is lawful for the trustees of the Edward Street property, from time to time, to mortgage that property to any person to secure the repayment of moneys raised by the trustees not exceeding a total amount of $2200000 and interest and charges thereon for the purpose of the purchase of the Peel Street property;