15Trusts of ordinary property

15 Trusts of ordinary property

*[Section 15 Amended by No. 36 of 1958, s. 5 ]**[Section 15 Amended by No. 55 of 1965, s. 3 and s. 5 and Sched. 1 ]*The remainder of the property of Christ College Trust shall be held or invested as capital for the trust generally, and the net annual income arising therefrom shall be paid in the manner following:

(a) As to 30 per centum thereof, to the Board of the Hutchins School for the purposes of such school: Provided that if such sum shall be less than the sum of $1 400 that sum shall be paid, in lieu of the 30 per centum, by equal quarterly payments to the Board of the Hutchins School for the purposes of such school until the whole of the lands belonging to Christ College Trust at Bishopsbourne, in Tasmania, shall be sold, or until 31st December 1936, whichever shall first happen;

(b) As to a further 30 per centum thereof, to the Board of the Launceston Church of England Grammar School for the purposes of such school: Provided that if the amount payable to the Board of the Hutchins School shall be more than 30 per centum, the amount payable under this subsection shall be reduced proportionately with the income hereby allotted to the Board of Christ College;

(c) As to a further 30 per centum thereof, to the Board of Christ College for the purposes of such college: Provided that until Richmond Hill Estate, and other lands devised by the said James Denton Toosey upon the same trusts, shall be sold, the Board of Christ College shall bring the net rents and profits from the Richmond Hill Estate and other lands upon the same trusts, less an amount equivalent to the interest at current rates on $6 000, into hotchpot before they shall be entitled to participate under this section: And provided, further, that if the amount payable to the Board of the Hutchins School shall be more than 30 per centum, the amount payable under this subsection shall be reduced equally with the payment to the Board of the Launceston Church of England Grammar School;

(d) The remaining 10 per centum shall be retained by the trustees of Christ College Trust, and may be invested and reinvested by them, and shall be regarded as principal moneys; but such accumulations or any part thereof may be applied by the trustees at any time, with the consent of the boards of all institutions concerned, in the purchase of any land or buildings, or in the erection of buildings, or in the purchase of equipment for any institution comprised in Christ College Trust: Provided that in any year in which the amount payable to the Board of the Hutchins School exceeds 30 per centum, the trustees may in their discretion reduce the amount retained by them under this subsection, and distribute the balance to the Board of Christ College and the Board of the Launceston Church of England Grammar School.