Lee and Brady Settlement Act of 1893 56 Vic (NSW)

Le: asoBeam An Act to enable the trustees for the time being of a certain settlement made by William Lee and Maria Brady, and dated the twelfth dav of June, one thousand eight hundred and sixt v-one,to effect sales, mort- eages, leases, and exchanges of the lands and hereditaments comprised i in or subject to the trusts of the said settlement. [7th June, 1893. ] Preamble. HEREAS by an indenture dated the twenty-seventh day of October, one thousand eight hundred and forty-three, and made between William Lee therein deseribed of the first' part, Mary, the wife of the said William Lee, of the second part, John Dargin and Thomas Kite of the third part, and James William Bligh cf the fourth part for the considerations therein expressed, the several parcels of land and hereditaments particularly described in the First Schedule hereto were (infer alia) released and confirmed unto and to the use of the said John Dargin and Thomas Kite, their heirs and assigns, wpon trust when and so soon as Maria Brady and Elizabeth Lord (then Maria Lee and Elizabeth Tec) should severally and respectively attain the age of twenty-one years or marry (events which have happencd), as to one moicty or half part of the said lands and hereditaments for the said Maria Brady, her heirs and assigns, and as to the other moiety for the said Elizabeth Lord, her heirs and assigns; and to convey and assure the same to the said Maria Brady and Elizabeth Lord, their heirs and assigns respectively, as tenants in common: .And whereas by an indenture dated the fifth day of April, one thousand eight hundred and sixty-one, and made between James Brady of the first part, 1893. 56° VIC. Lee and Brady dy Settlement. part, the said Maria Brady of the second part, the said William Lee of the third part, and the said John Dargin and Thomas Nite of the fourth part, after reciting the hereinbefore recited indenture of the twenty-seventh day of October, one thousand eight hundred and forty- three, and that the said Mary Lee was then living, and that the said Maria Lee was then the wile of the said James Brady, and had issue by the said James Brady; and that the said Elizabeth Lee was then the wife of the said George William Lord (in the said indenture called xeorge Lord), and had issue by the said George William Lord; and that the said James Brady was, by virtue of his said marriage with the said Maria Lee and of his having issue by her, entitled during the joint lives of him and his said wife to the rents of one undivided moiety of the said several parcels of land and hereditaments (particularly described in the said First Schedule hereto), and to an estate for life in the said moiety in the event of his surviving his said wile; and that the said William Lee had contracted with the said James Brady for the absolute parchase of the said estate and interest of the said James Brady of and in the said several lands and hereditaments for the sum of five hundred pounds, and that the said parties thereto were desirous of having the said hereditaments settled to the uses thereinafter declared, it was witnessed that in pursuance of such desire and in consideration of the natural love and affection which the said William 'Lee had and bore to his said daughter Maria Brady, and in con- sideration of five hundred pounds to the said James Brady, paid by the said William Lee, the said James Brady, at the request of and by the direction of the said Wiiliam Lee, did surrender and yield up unto the said John Dargin and Thomas Kite, their heirs and assigns, and did also direct and appoint; and the said Maria Brady did direet and appoint according to their several and respective estates, rights, and interests therein the one undivided moiety of her the said Maria Brady of and in the said lands in the First Schedule hereto par- ticularly described unto the said John Dargin and Thomas Kite, their heirs and assigns, to such uses, upon such trusts, and for such ends, intents, and purposes as the said Maria Brady should by any deed, or by her last will and testament, and notwithst: nding coverture, direct, limit, or appoint, and for want of and until such direction, limitation, or appointment, or so far as the same showd not extend in trust for the said Maria Brady during her life to her sole and separate use, and free from the debts, 'control, interferenee, or engagements of her then present or any futare husband : And whereas the estate of the said James Brady was by an order of the Supreme Court of New South Wales, bearing date the first. day of June, one thousand cight hundred and sixty-one, duly placed under sequestration according to law, and Frederick William Perry was duly appointed the official assignee of the said insolvent estate: And whereas by an indenture, dated the twelfth day of June, one thousaad eight hundred and sixty-one, and made between the said William Lee of the first part, the said John Dargin and 'Thomas Kite of the second part, the said John Lee and George Lee of the third part, and the said Maria Brady of the fourth part, it is witnessed that for the considerations therein expressed the said Maria Brady, in pursuance and performance of the power of appointment to her given and limited by the said recited indenture of the fifth day of April, one thousand eight hundred and sixty-one, did appoint, and the said John Dargin and Thomas Kite did release unto the said John Lee and George Lee, their heirs and assigns, the said moiety to which she, the said Maria Brady, was so entitled under the said recited indentures of the tw enty-seventh day of October, one thousand eight hundred and forty- three, and the fifth day of April, one thousand eight hundred and. sixty-one, as aforesaid, to hold the same 56° VIC. Lee and Br cady Si Settlement. 1893. same unto the said John Lee and George Lee, their heirs and assigns, to the use of the said Maria Brady during the term of her natural life without impeachment of waste, and to her sole and separate use, apart from her then present or any future husband, but so that the said Maria Brady should not in anywisc sell or mortgage, charge, or incumber the said hereditaments by way of anticipation or other- wise, and from and immediately after her decease to the use of Adelaide Jane Brady, Albert Henry Brady, Emily Sophia Brady, and Edric Ihibert Brady, therein called Edward Herbert Brady, and every other child of the said Maria Brady born in lawful wedlock, their heirs and assigns, as tenants in common: And whereas by the said indenture dated the twelfth day of June, one thousand eight hundred and sixty-one, after reciting (inter alia) that by virtue of an indenture dated the eleventh day of July, one thousand eight hundred and forty-two, and made between Robert Smith of the first part, Robert Robertson of the second part, the said William Lee of the third part, and Gilbert Wright of the fourth part, the land and hereditaments described in the Second Schedule hereto were, for the considerations therein mentioned, granted, released, and conveyed unto the said William Lee and his heirs to hold the same unto the said William Lee and his heirs nevertheless to such uses and for such estate or estates, and in such manner as the said William Lee should at any time or from time to time by any decd or deeds direct or appoint. It is further witnessed that for the considerations therein mentioned, the said William Lee did in pursuance of the power of appointment to him given and limited as aforesaid, and of every other power or authority in anywise enabling him in this behalf, appoint that the said lands and hereditaments described in the said Second Schedule hereto should go, remain, and be to the uses upon the trusts and in manner thereinafter mentioned and declared concerning the same; and the said William Lee for the considerations aforesaid by way of further and collateral assurance granted, released, and contirmed unto the said John Lee and George Lee and their heirs, the said last- mentioned land and hereditaments to have and to hold the same to the uses and upon the trusts lastly hereinbefore declared and expressed concerning the aforesaid moiety of the said land and hereditaments described in the said First' Schedule hereto: And whereas by an order of the Supreme Court of New South Wales bearing date the ninth day of February, one thousand eight hundred and sixty-three, the said Frederick William Perry was removed from the office of official assignee of the said estate of the said James Brady, and Robert Hamilton Sempill was appointed to be the official assignee thereof in his stead: And whereas by a decree of the said Supreme Court, made on the tenth day of November, one thousand eight hundred and sixty-five, in a certain suit in equity, wherein the said Robert Hamilton Sempill was plaintiff and the said William Lee, James Brady, and Maria Brady, John Dargin, Thomas Kite, George Lec, and John Lee were defendants, and on appeal from a certain decree made in the same cause then last by His Honor Mr. Justice Mi on the second day of March ford, the Primary Judge, it was (amongst othcr things) declared that the said recited indentures of the fifth day of April and the twelfth eight hundred "and sixty-one, so far as t pareels of land and hereditaments in particularly described were and each of t day of June, one thousand he same related to the said the First Schedule hereto hem was void as against the creditors of the said James Brady, and also against the plaintiff as such official assignee of the estate and effects of the said James Brady : And whereas the said William Lee duly made and published his last will, dated on or about the second day of November, one thousand eight 1893. 56° VIC. Lee and Bre rady Settlement. eight hundred and sixty-eight, whereby he appointed the said Thomas Lee, John Lee, and George Lec, trustees and executors, to whom he gave and bequeathed his personal estate upon trust, amongst other things to sct apart and to invest in Government securitics in New South Wales or Queensland, or upon mortgage of freehold estate or on real securities in New South Wales three several sums of two thousand five hundred pounds, one thousand pounds, and one thousand pounds, with power from time to time to vary the investments thereof for others of a like nature, and as to the said sum of two thousand five hundred pounds, and the funds and securities upon which the same should be invested, he declared that his said trustees or trustee for the time being should pay the dividends or annual produce thereof into the proper hands of his daughter, Mary Jane Austin, for and during the term of her natural life for her sole and separate use, apart from any husband, and so that her receipts alone should notwithstanding coverture be sufficient discharges for such dividends and annual proceeds, and from and immediately after the decease of his said daughter, Mary Jane Austin, he declared that his said trustees or trustee for the time being should stand possessed of the said last-mentioned trust fund of two thousand five hundred pounds and the securities thereof to such uses upon such trusts, and for such ends, intents, and purposes as his said daughter, Mary Jane Austin, should, notwithstanding coverture by deed or will, or any codicil or codicils to a will direct or appoint, and in default of such direction or appointment to the lawful issue of the said Mary Jane Austin, such issue, if more than one, to take in equal shares as tenants in common per slirpes and not per capita ; and in case there should he no issue of the said Mary Jane Austin living at the time of her decease, then that the said trust fund of two thousand five hundred pounds and the securities thereof should be held in trust for his other daughters, the said Maria Brady and Elizabeth Lord, and their issuc lawfully begotten, who should 'be living at the time of the decease without issue cf his said daughter, Mary Jane Austin, share and share alike, as tenants in common, and as to the two several trust funds of one thousand pounds and one thousand pounds and the securitics thereof, he declared that onc of such last-mentioned trust funds should be upon the like trusts for his said daughter, Maria Brady, and her issue, and the other of them upon the like trusts for his said daughter, Elizabeth Lord, and her issue as were thereinbefore declared in favour of his said daughter, Mary Jane Austin, and her issue, with reference to the said sum of two thousand five hundred pounds and the securitics thereof; and that in case his said two daughters, Maria Brady and Elizabeth Lord, or either of them should die without leaving lawful issue living at the time of their or her decease, the fund to which such issue would have been entitled, if then living, should go to his surviving daughters and their issue, or such of them as should be living at the time of the decease without issue of his said two last- mentioned daughters or either of them; and the testator thereby 'leclared that all females entitled under his will to any estates, real or personal, should enjoy the same to their respective separate use apart from their husbands, and free from the debts, control, interference, or engagements of such husbands: And whercas the said William Lee died on or about the eighteenth day of November, one thousand cight hundred and seventy, without having revoked or altered his said will, save by a codicil bearing date the fourteenth day of July, one thousand eight hundred and seventy, which did not in any wise affect those portions of the will which are hereinbefore vecited, and the said will was on or about the thirtieth day of December, one thousand eight hundred and seventy, duly proved by the said Thomas Lee, John Lee, and 56' VIC. 1893. Lee and Brady Settlement. and George Lee, as such executors as aforesaid in the Supreme Court of New South Wales: And whereas by an indentire, dated the eleventh day of August, one thousand eight hundred and seventy- one, and made between the said Robert liamilton Sempill, oflicia assignee of the estate of the said James Brady of the first part, the said George William Lord of the second part, and the said John Lec and George Lee of the third part, in consideration of tive hundrec pounds to the said Robert Hamilton Sempill paid by the said George William Lord, the said Robert Hamilton Sempill as such officia assignee as atoresaid, did release and assign unto the said George Villiam Lord, his heirs, executors, administrators, and assigns, all the estate, right, title, interest, benefit, claim, and demand whatsoever, both at law and in equity, of him the said Robert; Hamilton Sempil as such official assignee as aforesaid or otherwise, howsoever, of, in, and to the one equal undivided moiety or half part, and other the share and interest formerly of the said Maria Brady, of, in, to, out of and upon the several pieces or parcels of land and hereditaments comprised and deseribed in the First Schedule hereto, and, of, in, and to the rents, issues, and profits thereof accrued since the fifteenth day of April, one thousand eight hundred. and seventy, and thereafter to accrue due, whether acquired under and by virtue of the hereinbefore recited decree or otherwise, howsoever, together with all right of suit in connection therewith to hold the same with the appurtenances unto, and to the use of the said George William Lord, his heirs, executors, administrators, and assigns, according to the several natures and tenures thereof respectfully upon trust in the first place to secure to the said George William Lord, his executors, administrators, and assigns, the repayment by the said Maria Brady, her executors and administrators, out of her separate estate, on demand of the sum of five hundred pounds so paid by him for the purchase of the said right and interest as aforesaid, together with interest as therein mentioned, and subject thereto upon trust for the said John Lee and George Lee, their heirs and assigns, to be held by them upen the trusts, declared in and by the hereinbefore recited indenture of the twelfth dav of June, one thousand cight hundred and sixty-one, or such and so many thereof as should or might be then subsisting, undetermined and capable of taking effect, and to the intent that the same might merge in the estate, right, title, and interest thereby vested in the said John Lee and George Lee, their heirs and assigns, or intended so to be in such and the same manner as if the said suit had never been instituted, and the cause of the said suit had never arisen: And whereas by an indenture bearing date the twenty-fourth day of June, one thousand cight hundred and seventy- two, and made between the said George William Lord of the first part, the said Maria Brady of the second part, the said John Lee and George Lee of the third pact, and the said Thomas Lee, John Lee, and George Lee of the fourth part, in consideration of five hundred pounds to the said George William Lord, paid by the said Thomas Lee, John Lee, and George Lee, the trustees of the will of the said William Lee, deceased ; out of the said sum of one thousand pounds so bequeathed in trust for the said Maria Brady and her issue, the said George William Lord, so fax as he lawfully could or might, at the request and by the direction of the said Maria Brady, John Lee, and George Lee, did grant and release unto the said John Lee and George Lee, all that. the estate and interest of him the said George William Lord, under or by virtue of the said recited indenture of the cleventh day of August, one thousand eight hundred and seventy-one, of, and in the said several parcels of land and hereditaments comprised and deseribed in the said First Schedule hereto, to hold the same unto and to the use of the said John Lee and George Lee, their executors, administrators, and c 1893. 56° VIC. Lee and Brady Setllement. and assigns, upon trust in the first place to secure to the said Thomas Lee, John Lee, and George Lee, as such trustees of the will of the saic William Lee deceased, as aforesaid, the repayment by the said Maria 3rady, her executors or administrators, out of her separate estate on demand of the amount then due and owing to the said George Williem Lord, his executors, administrators, and assigns, in. respect of the saic sum of five hundred pounds so seeured to him by virtue of the saic recited indenture, of the eleventh day of August, onc thousand eight hundred and seventy-one, as aforesaid, together with interest thereon, and payable at the times and in manner therein mentioned, and upon due payment thereof then upon trust for the said John Lee anc George Lee, their heirs and assigns, to be held by them upon the trusts, and to, and for the ends, intents, and purposes declared in. anc by the said therein and hereinbefore recited indentures, of the twel{th day of June, one thousand eight hundred and sixty-one, and the eleventh day of August, one thousand eight hundred and seventy-one, or such of the same trusts as should be then subsisting, undetermined, and capable of taking effect. And whereas by articles of agreement, made the eighth day of September, one thousand cight hundred anc seventy-three, between the said George William Lord of the first part. the said Maria Brady, Adelaide Jane Brady, Albert Henry Brady Emily Sophia Brady, and Idrie¢ Iubert Brady (heme the tour ai only children of the said Maria Brady) of the second part, Robert Speirs Austin and Mary Jane, his wife, of the third part, the saic John Lee and George Lee of the fourth part, and the said Thomas Lee, John Lee, and George Lee of the fifth part. It was mutually agreed and declared by and between the several persons, parties thereto (inter alia) that the lands and hereditaments described in. the Thirc Schedule hereto should be vested in the said John Lee and George Lee, their heirs and assigns, upon the same trusts and to and for the same uses, ends, intents, and purposes, as were then subsisting with respect to the said undivided moiety of the said Maria Brady in the lands described in the said Furst Schedule hereto so far as the same were then subsisting and capable of taking elfect, freed and discharged from all right, title, part share, interest, claim, and demand of the said Elizabeth Lord and of the said George William Lord in right of the said Klizabeth Lord, his wife, hisand her heirs, executors, adminis- trators, and assigns therein or thereto. And whercas by an Act of the Legislature, intituled " Lee's Partition and Sale Act of 1873" it was (inter alia) enacted that the land and hereditaments specified in the Third Schedule to the aforesaid articles of agreement (being the lands and hereditaments described in the said Third Schedule hereto) should as from the day of the date thereof be and remain vested in the said John Lec and George Lee, their heirs and assigns, to the uses and upon the trusts declared or veferred to in and by the hereinbefore recited operative clause of the said articles of agreement, and freed and discharged as therein expressed. And whereas the said indenture of the twelfth day of June, one thousand eight hundred and sixty-one, does not give to the trustees or trustee thereof, or to any other person, any power during the lifetime of the said Maria Brady to sell, mort- gage, demise, or exchange any of the lands and hereditaments comprised i in or subject to the said indenture, being the lands described in the said Second and Third Schedules hereto. And whereas it is impossible, without the assistance of Parliament, to sell, mortgage, demise, or exchange the said lands and hereditaments. And whereas in consequence of "such impossibility, a a very large portion of the said lands and hereditaments is and remains unimproved and almost un- productive of income, and certain buildings on the said lands and hereditaments have become and are becoming dilapidated and almost unproductive ? Trustees empowered to sell and convey. Power to give credit to purchasers. Power to borrow money for building, &e. 56° VIC. 1893. Lee and Brady Settlement. unproductive and of small and decreasing value. And whereas it is expedient, and would be for the benefit of all parties interested in the said lands and hereditaments, that powers to scll, mortgage, lease, and exchange the same should be conferred on the trustees or trustce for the time being of the said indenture of the twelfth day of June, one thousand eight hundred and sixty-one, for the benefit of the persons interested under the said indenture, and that the proceeds of the sale of such of the said lands and hereditaments as shall, from time to time, be sold and the rents and profits arising from the lease of such of the said lands and hereditaments as shall, from time to time, be leased should be held in trust for, and the moneys raised by mortgage of such of the said lands and hereditaments as shall from time to time be mortgaged, should be applied towards the improve- ment of the property for the benefit of, and the moneys received by way of equality of exchange should be held in trust for the persons respectively entitled under the said indenture, to the lands and hereditaments so sold, demised, mortgaged, or exchanged: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows :— 1. It shall be lawful for the said John Lee and George Lee, or other the trustees or trustee for the time being of the said indenture of the twelfth day of June, one thousand eight hundred and sixty-one (such persons being hereinafter designated "the said trustecs or trustee'), to sell and absolutely dispose of ail and singular the said lands and hereditaments mentioned and described in the said Second and Third Schedules to this Act or any of them, or any part of the same lands and hereditaments, either by public auction or private contract, either in one or in more lot or lots, and in such manner generally, and upon and subject to such terms and conditions as the said trustees or trustee shall deem expedient, with power to buy in the said lands and hereditaments, or any of them, or any part thereof, at any sale by auction, and to rescind or vary any contract for sale, cither on terms or gratuitously, and to re-sell without being responsible for any loss occasioned thereby, and upon any sale or sales, to convey the land so sold to the purchaser or purchasers thereof, his, her, or their heirs and assigns, or as such purchaser or purchasers may direct, freed and discharged from all trusts affecting the same, and the receipts in writing of the said trustees or trustee for the purchase money of any lands and hereditaments so sold shall be full and sufficient discharges to any purchasers from the same, and from being bound to sec to the application of the same, and from any liability for the loss, non- application or misapplication of the same or of any part thereof. 2. It shall be lawful for the said trustees or trustee to allow any purchaser or purchasers credit for the payment of the whole or part of his, her, or their purchase money, upon such terms as to interest or otherwise, and generally as the said trustees or trustee may deem reasonable and expedient: Provided that the land in respect of which such credit shall be given shall remain unconveyed, or shall, by a proper mortgage, with full powers of entry, and sale, and other usual and proper provisions, be made a security for the payment of the purchase money remaining unpaid; Provided, further, that in the event of any such security being taken the vendor's licn for the said purchase money, and every part thereof, shall not be thereby affected or lost. 8. It shall be lawful for the said trustees or trustee, from time to time, by the consent of the said Maria Brady, for the purpose of raising any sum or sums of money which in their or his opinion it may be desirable to borrow, for the purpose of erecting any buildings, or repairing 1893. 56° VIC. Lee and Brady Settlement. repairing or rebuilding any existing buildings upon, or otherwise improving any part or parts of the lands and hereditaments mentioned and deseribed in the said Second and Third Schedules to this Act, to exccute any mortgage or mortgages in fee or for any term or terms of years of such part or parts of the said lands and hereditaments, with power of sale and all other usual powers, provisions, and covenants : Provided that no person who shall advance money upon the security of any mortgage purporting to be made under the power hereby given, shall be hound to inquire as to the advisability or propriety of the raising of such moncy, or as to the application of such money when raised and advanced, and the receipt of the said trustees or trustee for the moneys so advanced shall cifectually discharge the person advancing the same from any Hability in respect of "the misapplication or non-application thereof. 4. It shall be lawful for the said trustees or trustee from time Power to grant to time by deed or writing to deruise and lease all or any part of the said '*** d g J lands and hereditaments to any person or persons for any term of years not execeding twenty-one years to take effect in possession at the best yearly rent that can be reasonably obtained for the same without any fine, premium, or foregift. And also from time to time by deed to demise and lease any part of the said lands and hereditaments to any person or persons who shall covenant to improve the same by repairing any building or buildings now standing or which shall lereatter be standing on any part of the land thereby leased, or by erecting and building any house or houses, building or buildings on such land or any part thereof, or by otherwise expending in improvement such moneys as shall be deemed by the said trustees or trustee adequate to the interest. to be parted with, but so that every leasc under this last- mentioned power shall be for a term not exceeding fifty years to take effect in possession or within one year from the date thereof, and shall be at such rent as the said trustees or trustee shall, having regard to the terms and conditions of such lease think reasonable and proper, so, however, that nothing be taken by way of fine, premium or foregift : Provided that every indenture of lease made under the provisions of this section shall contain a covenant by the lessee to pay the rent thereby reserved and for insurance against fire of any building erected or to be erected on the land thereby demised, and also a condition of re-entry on non-payment of rent within a time to be therein specified, and so also that a counterpart of such lease be executed by the lessec. Any lessee paying any rent reserved by any such lease to the said trustecs or trustee shall not be bound to sec to the application thercof, and shall be free from any liability for the non-application or misapplication of the same or any part thereof. It shall be lawful for the said trustees or trustee from time to time to exchange for other lands or hereditaments all or any of the said lands and hereditaments mentioned and described in the said Second and Third Schediles to this Act, and to give or reccive any money for equality of exchange. The said trustees or trustee shall stand seized and possessed Trusts of unsold land of the sri lands and hereditaments or of such portion thereof as may ; from time to time remain unsold, subject to any leases granted and to any other estates, rights or interests created under the authority of this Act upon the trusts and subject to the trusts and provisions in the said respective indentures of the twelfth day of June, one thousand cight hundred and sixty-one, the eleventh day of August, one thousand eight hundred and seventy-one, and the twenty-fourth day of June, one thousand eight hundred and seventy-two; expressed and declared concerning the same respectively so faras the said trusts and provisions are subsisting, And from and after the sale or exchange of any portion of the said lands and hereditaments shall stand possessed of the and of purchase noney. Trusts of invest- ments, rents, &e. Power to make roads, &c. 56° VIC. 1893. Jee aad Br wady Settlement. the moneys arising from such sale or received by way of equality of exchange upon trust in the first place to pay all costs and expenses of and incidental to the procuring and passing this Act, and also of all deeds, instruments, acts, dealings and proceedings subsequently to the passing of this Act, executed, signed, done or undertaken for the purpose of enabling the said trustees or "trustee to carry out advantageously any sale or exchange herehy authorised. And in the next place to pay and satisfy all costs, charges, and expenses incurred in and about the said sale or exchange. And after such payment as aforesaid upon trust to hold the net surplus of such moneys upon trust to invest the same in any debentures or Government securities of any kind of any of the Colonies of New South Wales, Victoria, or Queensland, or upon frechold securities in the said Colony of New South Wales, or upon deposit at interest in any bank carrying on business in the said last-mentioned Colony with power from time to time and at any time to vary or transpose any such investment or security into or for any other invest- ment or security of the kind hereby authorised. 7. The said trustees or trustee shall stand possessed of such investments and securities and the net dividends, income, and annual produce arising therefrom, and also of the net rents arising from and payable under : any lease made under the anthority of this Act, Upon. such trusts, and with and subject to such powers, provisions, and declarations as shall as nearly correspond with the uses, trusts, provisions, and declarations in the said indentures of the twelfth day of June, one thousand cight hundred and sixty-one, the eleventh day of August, one thousand eight hundred and seventy-one, and the tw enty- fourth day of June, one thousand eight umdred and sev enty- two, expressed and contained concerning the said lands and heredita- ments, or any part or parts thereof respectively, or such of them as shall be subsisting or capable of taking effect as the different nature and quality of the premises and the rules of law and equity will permit : Provided that it shall be lawful for the said trustees or trustee to apply the whole or any part of the rents and profits of any portion or port