2Property vested in the Council

2 Property vested in the Council

2 Property vested in the Council

From and after the passing and by virtue of this Act there shall vest in the said Council and its successors all and singular the lands and hereditaments described in Schedule A and Schedule B hereto, and also all other property, whether real or personal, which immediately before the passing of this Act was vested in any person or persons or corporation upon trust for or for the purposes of the said King’s School: Provided that this section shall not operate to vest any of the said scholarship endowment funds in the said Council; but it shall be lawful for the Bishop of Sydney for the time being, by deed under the episcopal seal, to assign and transfer the said “Broughton,”“Broughton and Forrest,” and “Burton” scholarship endowment funds, and any accumulations and investments thereof unto the said Council; and thereupon the said scholarship endowment funds, accumulations and investments so assigned and transferred shall become vested in the said Council and its successors as to each of such funds, accumulations and investments upon the trusts and for the purposes declared by the instrument whereby the same was assigned to the said Bishop as hereinbefore recited: And it shall also be lawful for the said Church of England Property Trust, Diocese of Sydney, by deed under its corporate seal, to assign and transfer the said “Macarthur” scholarship endowment fund, and any accumulations and investments thereof unto the said Council, and upon such assignment the said “Macarthur” scholarship endowment fund, accumulations, and investments shall become vested in the said Council, upon the trusts and for the purposes declared by the said indenture of the twenty-fourth day of June, one thousand eight hundred and ninety-one.