4Vesting of property on which present Synagogue is erected

4 Vesting of property on which present Synagogue is erected

4 Vesting of property on which present Synagogue is erected

(a) The lands hereditaments and premises comprised in the said certificates of title are hereby vested in the body corporate for an estate in fee simple and the said lands hereditaments and premises shall be held by the body corporate freed and discharged from all trusts affecting the same but as regards the lands hereditaments and premises comprised in the said certificate of title, volume 117, folio 77, the same shall be held by the body corporate upon trust for the objects of the body corporate specified in clauses (a) and (b) of section ten of this Act: Provided that if the Board of Management from time to time thinks fit the said lands hereditaments and premises may in addition to such trust be held on trust from time to time for any one or more of the objects specified in clauses (c), (d) and (e) of the said section ten and as regards the lands hereditaments and premises comprised in the said certificate of title, volume 1261, folio 125, such lands hereditaments and premises and the proceeds of any sale mortgage charge encumbrance lease or other disposition thereof shall be held upon trust for any one or more of the objects of the body corporate specified in the said section ten, or for any other objects or purposes whether ejusdem generis or not as the Board of Management thinks fit.

(b) The Registrar-General is hereby directed and empowered to make every such entry cancellation and correction on any Crown grant to any land hereditaments and premises vested in or held by any person in trust for or on behalf of the Association and also in the register as shall or may be necessary to register the body corporate as the registered proprietor of such lands hereditaments and premises for an estate in fee simple free from any trust caveat or other notification.

(c) If the said lands hereditaments and premises comprised in the said certificate of title, registered volume 117, folio 77, or any land hereditaments and premises which may from time to time or at any time or times hereafter be acquired pursuant to the provisions in this subsection hereinafter contained is sold or exchanged by the body corporate then the trusts by subsection (a) of this section directed shall attach and the trusts by the said subsection permitted may as in such subsection mentioned be attached to whatever is received by the body corporate by way of consideration upon any such sale or exchange: Provided always that if such consideration or any part thereof consists of money then such money shall be used for one or more of the following purposes namely (a) acquiring other land with or without any building or buildings thereon which land shall be held upon the trusts so directed and may as is in the said subsection mentioned be held also upon the trusts so permitted (b) erecting any building or buildings upon any such land (c) remodelling altering repairing renovating or demolishing any building or buildings erected on any such land: Provided further that pending the application of such money or any part thereof for any such purpose such money or part shall be invested in any security authorised by the , or any Act or Acts amending the same and the net income thereof shall be applied in or towards any of the objects of the body corporate.