6Power to borrow or to sell or grant leases

6 Power to borrow or to sell or grant leases

6 Power to borrow or to sell or grant leases

It shall be lawful for the committee in the name of the chairman from time to time on behalf of and for the purposes of the said club, to borrow money by way of mortgage or other form of security of the lands, tenements, and hereditaments real or personal of the club, or by issue of debentures, secured upon the lands, tenements and hereditaments, real or personal, of the club, or in any other way upon the security of the lands, tenements, or hereditaments, real and personal of the club, or to sell or grant leases for any term of the lands, tenements, and hereditaments, real or personal of the club, or any portion thereof, and in any way to realise or dispose of the money, goods and chattels, choses in action or other personalty of the club for and in furtherance of the objects of the club: Provided that no such borrowing, mortgage, issue of debentures, or sale or leasing of the said lands, tenements, and hereditaments in an amount, at one time or in one contract, exceeding $1,500,000 (annually adjusted) or in an amount, at one time or in one contract, that would result in the club’s interest-bearing liabilities exceeding $5,500,000 (annually adjusted) shall be made without the consent of the majority of a special general meeting of the club called to consider such proposed borrowing, mortgage, issue of debentures, sale or leasing.

s 6: Am 2003 No 78, Sch 1 [2] [3].