5Application of moneys

5 Application of moneys

5 Application of moneys

(1) Subject to this Act and the regulations the Trustees of the Public Library shall have the control and management of all property vested in the Trustees of the Public Library pursuant to this Act.

(2) The Trustees of the Public Library shall hold the Sir Joseph Banks Memorial Fund and the proceeds of the sale of any copies of the book referred to in section four of this Act and any further sums which may be acquired by them for the purposes of the Sir Joseph Banks Memorial Fund upon trust to apply the same in or towards defraying the cost of editing, publishing and distributing the Banks Papers in a manner and form suitable and fitting to the memory and services of Sir Joseph Banks.

(3) Any moneys held by the Trustees of the Public Library pursuant to this Act shall be held by them in a separate account.

(4) The Trustees of the Public Library shall, subject to any regulations made in that behalf, cause the Banks Papers to be edited, published and distributed under conditions to be determined by them.

(5) The residue, if any, of any moneys held by the Trustees of the Public Library under this Act, after publication and distribution of the Banks Papers in conformity with the foregoing provisions together with the proceeds from the sales of the publication of the Banks Papers, shall be utilised by the Trustees of the Public Library for editing, publishing and distributing works in the natural sciences with special reference to Australasia.