Moss Vale Services Club Act 1975
4Power to mortgage and powers of mortgagee
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4 Power to mortgage and powers of mortgagee
4 Power to mortgage and powers of mortgagee
(1) Subsections (2), (3) and (4) do not have effect unless the Club is, under section 3, appointed as trustee in place of the Council.
(2) Conveyance dated 30 March 1922 from Violet Bennett to the Council of the Municipality of Moss Vale, registered number 697 book 1257, shall be construed:
(a) as if the words “and with full powers to manage and control the same and to lease from time to time any such buildings for such purposes as the said Council shall approve and to devote any revenue derived from such leasing to the upkeep repairs and improvements of such buildings and grounds” had been omitted therefrom, and
(b) as if the buildings to which the trusts declared by that conveyance extend included any buildings situated on the land at, or erected on the land after, the commencement of this Act and used for the accommodation of the members of the Club and their guests and for the accommodation of the Moss Vale Sub-branch of the Returned Services League of Australia (New South Wales Branch).
(3) The Club may, notwithstanding the trusts declared by the conveyance referred to in subsection (2), mortgage the land with or without other land of the Club.
(4) If the Club mortgages the land under subsection (3), the land is freed and discharged from the trusts referred to in subsection (3) if:
(a) an instrument that gives effect to the exercise by the mortgagee of any of his powers is registered under the Registration of Deeds Act 1897, or recorded in the Register kept under the Real Property Act 1900,
(b) an order for foreclosure in respect of the land is registered under the Registration of Deeds Act 1897,
(c) a person other than the Club becomes registered as proprietor of the land pursuant to section 101 (2) of the Conveyancing Act 1919, or
(d) the estate and the interest of the Club in the land becomes vested in the mortgagee pursuant to section 62 (2) of the Real Property Act 1900.