19Appropriation of existing income

19 Appropriation of existing income

Any moneys, school equipment, and other personal estate due to or held by the Board of the Hutchins School and the trustees of the Launceston Church of England Grammar School shall remain under the control of the Board of the Hutchins School and the Board of the Launceston Church of England Grammar School, respectively, for the same purposes as they held the same at the passing of this Act, and all moneys in the hands of the Council of Christ College shall be paid to Christ College Trust, and shall be held for a period of 5 years as a separate fund to be used by the trustees of Christ College Trust at their discretion in making up any deficiency in income to any institution comprised in Christ College Trust, and at the end of the said period of 5 years the balance of the said separate fund (if any) may be continued as a separate fund for the purpose aforesaid, or may be capitalized, as the trustees may deem proper.