4Proceeds of sale or mortgage how to be applied or invested

4 Proceeds of sale or mortgage how to be applied or invested

4 Proceeds of sale or mortgage how to be applied or invested

In case the said Council shall at any time sell and dispose of any lands or hereditaments which are or shall be vested in them, or shall raise any moneys by mortgage of or charge upon any such lands, or by the issue of debentures, the proceeds of such sale or sales and all such moneys so raised by mortgage, charge, or debentures shall be applied or invested exclusively in one or all or any of the ways following, that is to say—

(a) In the purchase for an estate in fee simple of other lands and hereditaments in the State of New South Wales for the purposes of the said school.

(b) In the erection of houses, buildings, and other improvements of a permanent nature upon lands vested in the said Council.

(c) For the general purposes of the King’s School and the endowment thereof.

s 4: Am 1963 No 24, sec 4 (b).