6Power to purchase mortgage &c

6 Power to purchase mortgage &c

6 Power to purchase mortgage &c

The body corporate may—

(a) take purchase acquire hold and enjoy in fee simple whether legal or equitable or for any lesser estate or interest whether legal or equitable (including a leasehold estate or interest) any lands with or without buildings thereon,

(b) take purchase acquire receive hold and enjoy any chattels and any personal property and any interest in such chattels or property,

(b1) where the Board of Management is of the opinion that it is in the interest or for the benefit of the body corporate and in furtherance of the objects thereof so to do, acquire by gift bequest or devise any property and agree to and carry out the conditions of any such gift, bequest or devise,

(c) upon such terms and conditions as to it may seem fit sell grant convey transfer or otherwise dispose of demise for any term or terms with or without an option or options of purchase with power to accept surrenders and with and subject to such provisions and conditions it thinks fit either absolutely or by way of mortgage charge or encumbrance or otherwise howsoever any of the property real or personal vested in or belonging to the body corporate or to which it shall or may be in anywise entitled including the whole or any part of or interest in the lands hereditaments and premises comprised in the said certificates of title—

Provided always that the lands hereditaments and premises comprised in the said certificate of title, volume 117, folio 77, or any part or parts thereof or any other lands hereditaments and premises or any part or parts thereof acquired pursuant to the provisions of subsection (c) of section four shall not be sold, disposed of or mortgaged or leased for a term exceeding at any one time five years without the authority of the members first had and obtained which authority shall be evidenced by a special resolution of the members as is hereinafter mentioned: Provided further that the Board of Management may from time to time without such authority borrow upon the security of any lands belonging to the body corporate including the lands hereditaments and premises comprised in the said certificate of title, volume 117, folio 77, by way of mortgage charge or encumbrance or by deposit of the title deeds such sum or sums of money as the Board of Management may think necessary for any of the objects of the body corporate but so that the total amount so borrowed shall not at any one time exceed four thousand dollars except with the authority of the members first had and obtained and evidenced by a special resolution as aforesaid.