21Application of revenue

21 Application of revenue

21 Application of revenue

(1) The Trustees shall hold the trust property upon trust to let or lease the same, subject as herein otherwise provided and to apply the net rents profits and income received therefrom in each year (after payment thereout of all rates, taxes, interest and other authorised outgoings and after setting apart such sum as the Trustees in their discretion think fit for the purpose of reducing the principal liability for the time being subsisting under any mortgage, charge or encumbrance over the trust property or generally for the reduction or payment of any liability or for the establishment or augmentation of a sinking fund for the purpose of meeting any such liability or any contingent liabilities) for the benefit of:

(a) returned soldiers and nurses in New South Wales and the dependants of returned soldiers and nurses or deceased soldiers and nurses in New South Wales, and

(b)

(i) persons, not being returned soldiers and nurses, who are members of or are entitled to be members of The Returned Sailors, Soldiers and Airmen’s Imperial League of Australia (New South Wales Branch),

(ii) persons who in the opinion of the Trustees are the dependants of persons to whom subparagraph (i) of this paragraph applies,

(iii) persons who in the opinion of the Trustees would be the dependants of persons to whom subparagraph (i) of this paragraph would apply if such lastmentioned persons were living,

who by reason of war injury, sickness, unemployment or other cause are in the opinion of the Trustees in need and worthy of assistance.

(2) In applying such income as in this section provided the Trustees shall observe the following order of preference:

(a) returned soldiers and nurses who were resident in the Municipality of Mosman at the date of their enlistment or appointment for service and their dependants,

(b) dependants of soldiers and nurses deceased in the opinion of the Trustees in consequence of The Great War 1914–1918 who were at the date of their enlistment or appointment for service resident in the Municipality of Mosman,

(c) returned soldiers and nurses or their dependants who may for the time being be resident in the Municipality of Mosman,

(d) dependants of deceased returned soldiers and nurses who were at the time of their decease resident in the Municipality of Mosman,