4Trustees authorised to sell, and application of proceeds

4 Trustees authorised to sell, and application of proceeds

4 Trustees authorised to sell, and application of proceeds

After the passing of this Act it shall be lawful for the said trustees or other the trustees for the time-being of the lands subject to the said trusts to sell and dispose of the said lands together with the buildings erected thereon by public auction or private contract, and either in one lot or in several lots as the said trustees shall think most expedient, for such prices as can be reasonably had or obtained for the same, and when sold to convey the same, or any part or parts thereof, to the purchaser or purchasers thereof, and thereupon the same respectively shall vest absolutely for an estate in fee-simple in the said purchaser or purchasers, their or his heirs and assigns freed and discharged from the said trusts, and the trustees shall stand possessed of all moneys arising from any and every such sale or sales as aforesaid upon trust to apply the same, and the same shall be applied in and towards purchasing other lands suitable for a mariners’church and other necessary buildings as aforesaid in New South Wales, and in and towards building such church, and other necessary buildings as aforesaid, and the receipt in writing of the trustees for the purchase moneys arising from any such sale or sales shall be a sufficient discharge to any and every purchaser of the said land, and shall exonerate such purchaser from seeing to the application of the said moneys.

s 4: Am 2002 No 3, Sch 1 [6].