Div 9COMMUNITIES FUND

DIVISION 9—COMMUNITIES FUND 9.1 The Council shall within two months of the Commencement Date constitute a controlling body to undertake on behalf of the Council the care control and management of an undertaking, being a fund to be known as the "Golden Grove Communities Fund" (which Fund shall be established by the Council for the purposes of this Division), and being such reserve lands as are vested in the Council pursuant to clause 4B.1(c) and as may be placed by the Council (which the Council is hereby empowered to do) under the care control and management of the controlling body. 9.2 The controlling body shall consist of three persons (or such other number of persons as the Council and the Minister may from time to time consider appropriate) appointed by the Council of whom one shall be a person nominated by the Joint Venturers (during the currency of this Indenture and thereafter by SAULT) and another a person nominated by the Minister. 9.3 The Chairman of the controlling body shall be a member of Council. 9.4 The Council shall remove a member from the controlling body upon the revocation of that person's nomination. 9.5 The controlling body shall manage apply and use its undertaking for the purposes of benefiting communities within the Development Area and in particular without limiting the generality of the foregoing shall apply the Fund in providing financial assistance (additional to that normally provided by State and Local Government Authorities) to benefit such communities. 9.6 The controlling body shall in the carrying out of its functions be and continue to be (save as hereinafter provided) empowered to receive and expend all moneys paid to it as hereinafter provided together with any other moneys that may be provided to the Fund and the Council shall cause to be opened a separate banking account to be operated by the controlling body in the exercise of the aforesaid powers. 9.7 The controlling body may enter into contracts to facilitate the better performance of its functions. 9.8 In addition to their other obligations hereunder the Joint Venturers shall pay into the Fund established by this Division an amount equivalent to 00.45 dollars per centum of the selling price of each allotment of residential land created by any plan of land subdivision within the Development Area. Such payments shall be made at quarterly intervals and calculated upon the basis of the consideration mentioned in any executed conveyance of residential land. The Council shall pay into the Fund moneys of equivalent amount to those paid into the Fund by the Joint Venturers such payments to be made at the same time as the payments made by the Joint Venturers. 9.9 The Council may at any time amend vary or otherwise modify or enlarge any of the powers duties and functions of the controlling body to the extent that the Council and the Minister may from time to time agree including the abolition of the controlling body. 9.10 Notwithstanding the termination of this Indenture the controlling body hereby constituted shall continue and the provisions of this Division (save and except for clause 9.8) continue to operate as if this Indenture had not been terminated.