1Terang Mechanics Institute and Free Library Trust Act 1973

Victorian Legislation and Parliamentary Documentsi Version No. 001 Terang Mechanics Institute and Free Library Trust Act 1973 Act No. 8584/1974 Version as at 26 February 2003 TABLE OF PROVISIONS Section Page

1. Short title and commencement 2
2. Power to trustees to transfer and surrender land to Her Majesty 2
3. Effect of registration on transfer 3
4. Trustees to cease to be liable 3
5. Leases and trust property and application of rent 3

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SCHEDULE 5 ═══════════════ ENDNOTES 6

1. General Information 6
2. Table of Amendments 7
3. Explanatory Details 8

Victorian Legislation and Parliamentary Documents1 Version No. 001 Terang Mechanics Institute and Free Library Trust Act 1973 Act No. 8584/1974 Version as at 26 February 2003 An Act to enable the Surrender to Her Majesty of the Property of the Terang Mechanics Institute and Free Library Trust free of the Trust and of a certain Mortgage, to facilitate the Appointment of the Shire of Hampden as a Committee of Management thereof under the Land Act 1958, and for Purposes connected therewith. Preamble WHEREAS the Terang Mechanics Institute and Free Library Trust (hereafter in this Act referred to as the "Trust") is registered under the provisions of the Religious Successory and Charitable Trusts Act 1958 in the Register of Successory Trusts, Folium 462: WHEREAS the Trust is registered under the Transfer of Land Act 1958 as the proprietor of all those pieces of land described in the Schedule to this Act on which is erected the building known as the Terang Mechanics Institute and Free Library: WHEREAS the trustees of the Trust (hereafter in this Act referred to as the "trustees") are bound by declaration of trust made the 22nd day of May, 1958, to hold and apply the property of the Trust for or towards the purposes of the Terang Mechanics Institute and Free Library: WHEREAS the property of the Trust is subject to a mortgage in favour of the Treasurer of Victoria to secure the repayment of $40,000 paid by the Treasurer of Victoria on behalf of the Trust and the Trust has made default in making payments under the mortgage:

Victorian Legislation and Parliamentary DocumentsAct No. 8584/1974 Terang Mechanics Institute and Free Library Trust Act 1973 2 WHEREAS the moneys received by the trustees by way of income from the trust property are no longer sufficient to enable the trustees to comply with the provisions of the mortgage: WHEREAS the President Councillors and Ratepayers of the Shire of Hampden (hereafter in this Act referred to as the "Shire of Hampden") have agreed to manage and control the trust property on and after the First day of October, 1973, for use for public purposes: AND WHEREAS it appears to be desirable in the public interest that the trust property should be surrendered to Her Majesty free of the trust declared on the 22nd day of May, 1958, and of the mortgage for the purpose of facilitating the appointment of the Shire of Hampden as a committee of management under the Land Act 1958 of the property: BE IT THEREFORE ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):