New South Wales: Grafton School of Arts Trustees Enabling Act 1889 52 Vic (NSW)

Grarton Scuoo. or Arts TRUSTEES ENABLING. Preamble. An Act to enable the trustees of the Grafton School of Arts to mortgage certain lands situated in the city of Grafton, and for the declaring the trusts of the moneys raised by such mortgage. [10th January, 1889. | We december by a deed of grant bearing date the seventh day of December, in the year one thousand eight hundred and sixty- six, Her Majesty did give and grant unto Thomas Fisher, Alfred Lardner, and Thomas Bawden, their heirs and assigns, all that parcel of land, situate in the city of Grafton, mentioned and particularly described in the Schedule to this Act, upon trust to permit and suffer the said lands to be appropriated as a site or place for the erection of such building or buildings for the Grafton School of Arts, established in the town of Grafton, for promoting the know- ledge of the arts and sciences amongst mechanics and others as the president, senior vice-president, and treasurer for the time being of such institution should think fit. And whereas in pursuance of the said trusts, certain buildings were erected on the said land for the purpose of carrying out the objects of the said institution. And whereas the present accommodation is unsuited to the requirements of the said institution, and the buildings in use are in necd of repair and enlargement, and it is expedient that the said Thomas Fisher, Alfred Lardner, and Thomas Bawden, should have power to raise money by mortgage of the said lands for the purpose of adding to, enlarging, altering, and repairing the buildings now standing upon the said lands. And 1889. 52' VIC. 4, Grafton School of Arts Trustees Enabling. And whereas such power of mortgage cannot be obtaincd without legislative sanction: Be it there fore enacted by the Queen's Most i xeellent Majesty, by and with the advice and consent of the Legis- lative Council and 'Legislative Assembly of New South Wales in Parliament assembled, and by the author ity of the same, as follows :— 1. It shall be lawful for the said Thomas Fisher, Alfred Power to borrow Lardner, and Thomas Bawden, or the survivors or survivor of them, fo" for building, or the trustees or trustee for the time being of the said lands, hercin- alter called the trustees, from time to time, for the purpose of raising any sum or sums of money not exceeding three thousand pounds, which in their or his opinion it may be desirable to borrow for the purpose of adding to, enlarging, altering, and repairing the buildings of the said institution, to execute any mortgage or mortgages in fee, or for a less estate, of the whole or any part or parts of the said lands and hereditaments, with power of sale and all other usual powers, provisions, and covenants. Provided always and it is hereby enacted When power of that the power of mortgage hereinbefore conferred shall not be morte '° be exercised unless authority be given by a resolution passed by a majority of at least two-thirds of the members of the said institution present and entitled to vote at a special mecting of inembers, of which at least fourtcen days' notice shall have been given by advertisement in two separate issucs of at least one local newspaper; and provided further that such resolution shall have been confirmed by a like majority of the members present at a subsequent. special general meeting, of which a similar notice as aforesaid shall have been duly given, and held at an intervai of not less than fourteen days nor more than one month from the date of the meeting at which sueh resolution shall have been first passed. Provided that no person who shall advance money upon the security of any morteage purporting to be made under the power hereby given shall be bound to inquire as to the advisability or propricty of the raising of such moncy, or as to the application of such money when raised and advanced; and the receipt of the said trustces for the moneys so advanced shall effectually discharge the person advancing the same from being bound to sce to the application thereof, and from any Hability in respect of the mis- application or non-application thereof. 2. The said trustees shall stand possessed of the moneys raised Moneys raised on by any such mortgage upon trust in the first place to pay the costs "8" and expenses of this Act, and in the next place to apply the same in and towards the adding to, enlarging, and repairing the buildings now standing upon the said lands. Provided alwa ays that it shall be lawful to apply from time to time so much of the funds of the said institution as the committce of the said institution shall think proper in and towards the payment of, or in and towards providing a sinking fund for the payment of the principal and interest due and owing on the security of any mortgage executed under the power hercinbefore con- tained. THE SCHEDULE. All that parcel of land, containing by admeasurement one rood, be the same more or less, situated m the county of Clarence, parish of Great Marlow, and town of G rafton, being all otment number one of section four: Commencing at the north corner of the section; and bounded thence on the north-west by Prince-strect south-westerly two chains ; on the south-west by a line south-casterly at right angles to Prinee- street one chain twenty-five links ; on the south-east by 2 line north- easterly, parallel with Prinee- street, two Chains to V ietoria~ street ; and on the north-cast by that strect north-westerly one chain twenty-five links, to the point of commencement.