What it does
This Act authorises a specific, parcel-level transfer of land occupied by Queen's College to trustees for the benefit of St Hilda's College, changes the legal capacity of the registered proprietors, and sets rules for what may be done with that land or monies arising from it after transfer.
Mechanically the Act does four things. First, it declares that the registered proprietors of the land described in the preamble (certificate of title vol. 1157 fol. 231227) have, and are to be treated as having had from 3 April 1962, the power to transfer by way of gift the particular portion set out in the Schedule, and that such a transfer is to be "freed and discharged from all trusts encumbrances limitations restrictions and reservations" (s 2(1)). Second, it provides that upon registration of such a transfer the trustees to whom the parcel is transferred shall hold it on trust for St Hilda's College (s 2(2)). Third, the Act affords the trustees broad proprietary powers over the parcel after transfer , power to mortgage, charge, sell, transfer, convey, lease, exchange or otherwise dispose of the whole or any part , but conditions exercise of those powers on first obtaining the consent of the Governor in Council (s 3(1)). Fourth, any moneys realised from the exercise of those powers must be applied for the purposes of St Hilda's College, another college affiliated to the University of Melbourne, or for other educational purposes "of a kindred nature" (s 3(2)). The specific parcel eligible for transfer is defined by metes and bounds in the Schedule.
The Act is to be read and construed as one with the University Colleges Lands Act 1960 (s 1), so its operation is intended to sit alongside that statute. The preamble states the legislative purpose as authorising the registered proprietors to transfer part of the Queen's College land by way of gift to trustees for St Hilda's College. The Act implements that purpose by both conferring (and deeming retroactively conferred) the power to transfer and by setting post-transfer constraints and application rules for proceeds.