Mosman Anzac Memorial Hall Act 1938
7Power to mortgage
Start here
Get a plain-English read of 7
Turn the raw legal text into a practical explanation grounded in Mosman Anzac Memorial Hall Act 1938.
7 Power to mortgage
7 Power to mortgage
The Trustees may from time to time raise on mortgage of the trust property or any part thereof all or any moneys which may be required for the purpose of repaying any outstanding liability or for any of the purposes mentioned in section fourteen of this Act and may secure the repayment of any moneys so raised with interest at such rate as they may think fit by mortgage of the trust property or any part thereof with or upon such terms, conditions or provisions in all respects as the Trustees shall think fit and if the Trustees shall raise more moneys by any such mortgage than may be required for the purposes aforesaid they shall hold the surplus of such moneys and any income to arise therefrom upon the same trusts as the trust property is by this Act held by them. For the purposes of this section the Trustees may sign, execute or enter into any deed of extension or variation of mortgage.