14Trusts of specified properties

14 Trusts of specified properties

*[Section 14 Amended by No. 66 of 1951, s. 2 ]**[Section 14 Amended by No. 36 of 1958, s. 5 ]*Christ College Trust shall hold –

(a) –

(i) the property comprised in Schedule 1 ;

(ii) the sum of three thousand pounds, which shall be set aside by the trustees of the Christ College Trust out of the proceeds of the sale of the property devised to the Bishop of Tasmania by the said will of James Denton Toosey, and until such sale the income from such property, after payment of all prior charges, shall be paid to the Board of Christ College –

upon trust for an institution to be managed by the Board of Christ College, and hereafter known as Christ College;

(b) the lands and moneys comprised in Schedule 2 upon trust for the Hutchins School;

(c) –

(i) the lands and moneys comprised in Schedule 3 ;

(ii) the sum of six thousand pounds, which shall be set aside by the trustees of Christ College Trust as available for that purpose, but within a period not exceeding 10 years from the passing of this Act –

upon trust for the Launceston Church of England Grammar School: Provided that the income on such portion of the said sum of six thousand pounds as shall not have been so set aside shall be paid to the Board of the Launceston Church of England Grammar School, except in so far as may be necessary to use such income to make up the sums payable to the Board of the Hutchins School under paragraph (a) of section 15 , if the remainder of the property of Christ College Trust shall not provide sufficient income;

(d) the Ancanthe Estate and Lady Franklin Endowment, and all moneys arising thereunder, upon such trusts, and for such purposes, and for such institutions comprised in Christ College Trust as the Bishop of Tasmania shall deem most advisable, having regard to the provisions of the said indenture of 2nd November 1843;

(e) the lands and moneys set forth in Schedule 4 for the scholarships and prizes and for the purposes set forth in that schedule upon trust, to pay the income and annual profits arising therefrom to the boards of the respective institutions at which such scholarships or prizes are tenable or awarded.