16Provisions relating to the sale, &c., of real estate and the investment, &c., of funds

16 Provisions relating to the sale, &c., of real estate and the investment, &c., of funds

*[Section 16 Substituted by No. 66 of 1951, s. 3 ]**[Section 16 Amended by No. 55 of 1965, s. 3 and Sched. 1 ]*No real estate vested in Christ College Trust upon trust for any institution comprised therein shall be sold, mortgaged, or charged, except under the direction of the Board of such institution, and with the approval of the Trustees of Christ College; but subject thereto, Christ College Trust may sell, mortgage, or charge any real or personal estate vested in it (including all lands held by the Trust upon trust for the Hutchins School) upon such terms and conditions in all respects as it may deem advisable, notwithstanding any provisions to the contrary contained in any Act of Parliament, will, deed, or any other instrument; and Christ College Trust shall have full power and discretion to invest from time to time the funds at its disposal as it shall deem most advantageous, including the purchase of real or personal estate, and including the purchase of debentures of a limited liability company, registered in any State of the Commonwealth of Australia, and having in each of the 10 years last past before the date of such investment paid a dividend at the rate of not less than 4 per cent on its ordinary shares; and Christ College Trust shall, when directed by the Board of the Launceston Church of England Grammar School, sell, convey, mortgage, or let the 3 roods of land first described in the third schedule of the Principal Act or any part or parts thereof for such price or prices and on such terms as such Board shall direct.