40Old Scholars' Association and the Hutchins School Fund

40 Old Scholars' Association and the Hutchins School Fund

*[Section 40 Amended by 25 Geo. V No. 78 ][Section 40 Amended by No. 66 of 1951, s. 5 ][Section 40 Amended by No. 55 of 1965, s. 5 ]*All subscriptions, donations, or endowments received for the purposes of the school shall, if no specific destination be directed by the donors, be carried to a fund called the Hutchins School Fund, which shall be a continuing fund for the purposes of the school. The Hutchins School Fund shall be carried to a separate account by the Board of the Hutchins School, and may be applied by the Board at any time in the purchase of any land or in the erection of any buildings for the purposes of the school, or improvements to buildings and premises, or in the purchase of equipment, or, with the consent of the trustees of Christ College, in urgent repairs, provided that, so far as practicable, repairs to buildings shall be effected out of the ordinary income of the school under the disposal of the Board. Any such moneys from time to time remaining unappropriated by the Board exceeding the sum of $200 shall be paid to and invested by Christ College Trust until required by the Board for any of the purposes above-mentioned. The trustees, at the request of the Board, shall raise moneys by way of mortgage on any land so purchased, and any moneys so raised shall be considered as portion of the Hutchins School Fund and be applicable accordingly.