8Application of purchase and mortgage moneys

#### 8 Application of purchase and mortgage moneys 8 Application of purchase and mortgage moneys > In case the said council shall at any time sell or dispose of the lands and hereditaments or any part or parts thereof which are or shall be vested in them, or shall raise any moneys by mortgage of or charge upon any such lands or any part or parts thereof, or by the issue of debentures, the proceeds of such sale or sales or dispositions and 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 erection of further buildings and other improvements of a permanent nature upon lands vested in the said council. > > > (b) In liquidation of any mortgage, encumbrance, or liability on or in respect of any part of the said lands or the said council in connection with the said collegiate school. > > > (c) In the purchase of an estate in fee-simple in other lands and hereditaments in the said State within the county of Cumberland for the purposes of the said collegiate school. > > > (d) To otherwise dispose of the said moneys as may be directed by the Synod of The Uniting Church in Australia in New South Wales. > > **s 8:** Am 1977 No 47, Sch 3, cl 2 (c).