7Power to purchase or lease buildings or lands, and erect club premises thereon

7 Power to purchase or lease buildings or lands, and erect club premises thereon

7 Power to purchase or lease buildings or lands, and erect club premises thereon

It shall be lawful for the committee in the name of the chairman, from time to time on behalf of the club to expend the funds of the club, now held by the club, or hereafter accruing or accumulating, in improving, repairing, renovating, or rebuilding the premises now occupied by the club, or in the purchase or lease of other buildings for the use of the members as club premises, or in the purchase or lease of land, and in the erection thereon of buildings for the use of the members as club premises, and in the improvement of such land and the repair or alteration of such premises; and also from time to time, in the name of the chairman, to invest the funds of the club now held by the club, or hereafter accruing or accumulating in bank deposits or Government debentures of any of the Australian States, or in loan on the mortgage of real property in the City of Sydney: Provided that no such purchase or lease shall be made, and no such buildings shall be erected, and no expenditure exceeding $1,500,000 (annually adjusted) at one time or in one contract shall be made in the improvement of such land or repair or alteration of such premises, and no investment of the funds of the club exceeding $1,500,000 (annually adjusted) shall be made without the consent in each case of a majority of a special general meeting called to consider the proposed purchase, lease, erection of buildings, improvement, repair alteration, or investment, as the case may be.

s 7: Am 2003 No 78, Sch 1 [4].