23Trusts after failure of primary objects

23 Trusts after failure of primary objects

23 Trusts after failure of primary objects

(1) Whenever the Trustees are of the opinion that the trust property is no longer required for the benefit of soldiers, nurses, dependants and other persons as provided for in subsection one of section twenty-one of this Act they shall hold the trust property upon trust to sell and convert into money such part thereof as does not consist of money and to apply the proceeds of such sale and conversion and any other moneys which may be in their hands or under their control in or towards the erection or endowment of a wing in the Royal North Shore Hospital to be thenceforth known as the “Mosman Sailors’ and Soldiers’ Memorial Wing” or otherwise to pay or apply the same to or for the benefit of the said Royal North Shore Hospital.

(2) Should the said Hospital have ceased at the date of such sale or conversion to be a public hospital supported wholly or in part by public subscription the Trustees shall pay or apply the proceeds of such sale and conversion and any other moneys which may be in their hands or under their control to such other charitable objects purposes or institutions and in such amounts and in such manner as the Trustees think fit.

(3) Upon the exercise of the power of sale and conversion hereby conferred the Trustees may postpone such sale or conversion for such period as they may deem expedient notwithstanding that such postponement results in the retention of investments of a wasting speculative or reversionary nature.

s 23: Am 1954 No 15, sec 2 (d).