New South Wales: Whitney Estate Act of 1902 (NSW)

Act, 1902. 8 / "Whitney state. An Act to enable the Trustees of the Will of the worsey terre. late William Franklin Whitney to sell, give i credit on sales, mortgage, partition, divide, exchange, lease, evant mining leases, make applications under the Mining on Private Lands Acts, and make applications to bring land under the Real Property Act; and for other purposes. [17th September, 1902. ] JILEREAS at the respective dates of his will, codicil, and death, Preamble, hereinafter mentioned, William Franklin Whitney, late of Coombing Park, near Carcoar, in the Colony of New South Wales (since deceased), was carrying on the business of coach proprictors, railway contractors, mail contractors, general graziers, and such other matters, including mining, as might be determined, in partnership with James Rutherford, of Bathurst, in the said Colony, under the name or style of " Cobb and Company" : And whereas at the date of the death of the said William Franklin Whitney certain lands anc hereditaments (forming portion of the asscts of the said partnership and more particularly described in the indenture of mortgage next hereinafter mentioned) were subject to an indenture of mortgage, dated the twenty-scventh day of December, one thousand eight hundrec and eighty-nine, made betwecn the said James Rutherford, of the first part, the said William Franklin Whitney, of the second part, anc Walter Russell Hall, of the third part, to secure the repayment of the sum of fifty thousand pounds and interest thercon as therein mentioned: And whereas at the date aforesaid certain other assets of the saic partnership therein more particularly described were subject to a bil of sale and stock mortgage in favour of the said Walter Russell ILall and dated the thirtieth day of June, one thousand cight hundred and ninety-three, to secure the repayment of the sum of thirty thousan¢ pounds, and interest thereon as therein mentioned: And whereas the said William Franklin Whitney duly made and executed his last wil and testament, dated the fourth day of September, one thousand cight hundred and ninety-four, whereby, after appointing his wife, Isabella Whitney, sole exccutrix and trustee thereof, he gave his share in the said business so carried on by him in partnership with the said James Rutherford as aforesaid to his said trustec, Isabella Whitney, upon trust, in the words following, that is to say :—''Upon trust, to convert the same into money, and after such conversion in the first place to hold the sum of two thousand pounds in trust for my son, Glassford Franklin. ki. wee Act, 1902. Whitney Estate. Franklin Whitney, and to invest the same in the name of my said trustee, and to apply the whole or such part as my said trustee shall _ in her discretion think sufficient of the annual income derived from such investment in or towards the maintenance or otherwise for the benefit of my said son, Glassford Franklin Whitney ; and in the next place to pay to Arthur Leeds, of Cunnamulla, in the Colony of Queens- land, station manager, the sum of two thousand pounds; and in the next place to hold the balance of the money derived from such con- version as aforesaid upon trust in equal shares, share and share alike, for my said wife, Isabella Whitney, and my children next hereinafter named, that is to say, Isabella Rachel Kelty, Adcline Thirza Whitney, Arthur William Whitney, Louisa Katie Whitney, Emily Margarct Whitney, and Evelyn Frances Amelia Whitney, and to pay on demand, but subject as hereinafter mentioned, the said legacies to my children now of age (excepting Glassford Franklin Whitney) ; and the shares of my daughters are to be enjoyed and dispcsed of by them respectively as separate property free from marital control, and their respective receipts to be sufficient discharges to my said trustee for the same. I empower my said trustee, during the minority of any of my said children, to hold the share or shares of such children during their respective minorities, and to invest the same in the name of my said trustee, and to apply the whole or such part as my trustee shall in her discretion think sufficient of the annual income derived from such investments respectively in and towards the maintenance and education or other- wise for the benefit of such children respectively, and to pay their respective legacies to them when they come of age, as is provided herein for payment of the legacies to my children now of age; but my said trustee need not pay any of the legacies bequeathed in this my will until after the expiration of two years from the date of my death, but she may, if she thinks fit, pay the same at any time at; her discretion." And the said testator thereby devised and bequeathed the residue of his real and personal property whatsoever and wheresoever situate to his wife, Isabella Whitney: And whereas by a codicil to his said will, bearing date the fourth day of September, one thousand eight hundred and ninety-four, the said William Franklin Whitney appointed Arthur Leeds, of Cunnamulla, in the Colony of Queensland, station manager, and William Kelty, of Orange, in the Colony of New South Wales, surgeon, to be joint executors and trustees of his said will, together with his wife, Isabella Whitney; and' he declared that cach of the said Isabella Whitney, Arthur Leeds, and William Kelty should be responsible for her and his own actions only; and in all other respects the said testator confirmed his said will: And whereas the said William Franklin Whitney died on or about the thirty-first day of October, one thousand eight hundred and ninety- four, without having otherwise altered oy revoked his said will and codicil, Act, 1902. Whitney Listate. codicil, and Jeaving him surviving his said widow, Isabella Whitney, and seven children and no more, that is to say, Isabella Rachel Kelty (the wife of the said Willian Kelty), Adeline Thirza 'Whitney, Arthur William Whitney, Louisa Katie Whitney, and Emily Margaret Whitney, and Evelyn Frances Amelia Whitney (the two last named of whom are infants), and Glassford Franklin Whitney: And whercas probate of the said will and codicil was, on the twenty-third day of May, one thousand cight hundred and ninety-five, granted to the said Isabella Whitney, William Kelty, and Arthur Leeds: And whereas the assets of the said partnership at the date of the death of the said William Franklin Whitney comprised real and personal property situate both within the Colony of New South Wales and out of the said Colony: And whercas after the death of the said William Franklin Whitney it was ascertained that if the said executrix and executors were to convert into money the share of the said William Franklin Whitney in the said partnership business great losses would be occasioned to the said bencficiaries other than the said Glassford Franklin Whituey and Arthur Leeds: And whereas by an agreement dated the fifteenth' day of April, one thousand eight hundred and ninety-seven, made between the said James Rutherford of the one part and the said Isabella Whitney, Arthur Leeds, and William Kelty of the other part, a partition of certain of the properties of the said partnership was agreed to between the parties thereto, and it was agreed that the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, should take (inter alia) the properties known as Coombing Park, James Park, Pine Mount, and Waugoola and Claverton, and the stock and chattels thereon respectively, part of which properties are comprised and described or expressed so to be in the hereinbefore recited indenture of mortgage dated the twenty-seventh December, one thousand eight hundred and cighty-nine; and the said James Rutherford should take certain other properties, and that in order to equalise the said division the saic executrix and executors should pay to the said James Rutherforc certain moneys; and that the said executrix and executors and the said James Rutherford respectively should assume the liabilities of the said partnership business in the proportions therein mentioned. Anc¢ it was further (infer alia) agrced that as regards the whole of the remaining properties belonging to the said partnership business, not mentioned or referred to in the First and Second Schedules to the saic agreement of the fifteenth day of April, one thousand eight hundrec and ninety-seven, the same were to be continued and carried on with a view to speedy realisation by the said James Rutherford, Isabella Whitney, Arthur Leeds, and William Kelty, under their joint manage- ment: And whereas by an agreement dated the thirtieth day of August, one thousand eight hundred and ninety-seven, made between the Cr Act, 1902. Whitney Estate. the same parties as the parties to the hereinbefore lastly recited agreement, the time within which the aforesaid liabilities of the said partnership business were to be assumed was extended to the thirty- first day of December, one thousand eight hundred and ninety-seven, and in all other respects the said agreement of the fifteenth day of April, one thousand eight hundred and nincty-seven, was ratified and confirmed: And whereas the said Isabella Whitney, Arthur Leeds, and William Kelty having been advised that they could not legally give a mortgage over such properties, stock, chattels, and effects coming to them under such partition as aforesaid, it was agreed that the said indenture of mortgage dated the twenty- -seventh day of December, one thousand eight hundred and eighty-nine, and the said bill of sale and stock mortgage dated the thirtieth day of June, one thousand eight hundred and ninety-three, should not be discharged so far as regards the covenants of the said William Franklin Whitney and the property, stock, chattels, and assets taken by the said Tsabella Whitney, Arthur Leeds, and William Kelty as such executrix and executors as aforesaid, under such partition, but that the said James Rutherford should be released from his personal covenants contained in the said indenture of mortgage and Dill of sale and stock mortgage but without prejudice to or in any other way affecting the said indenture of mortgage and bill of sale and stock mortgage and the covenants of the said William Franklin Whitney therein contained, except as thereinafter provided : And whereas the said Walter Russell Hall, at the request of the said Isabella Whitney, Arthur Leeds, and William Kelty, agreed to enter into and did execute a certain indenture of agreement bearing date the twenty-ninth day of December, one thousand eight hundred and ninety-seven, and expressed to be made between the said Isabella Whitney, Arthur Leeds, and William Kelty of the one part, and the said Walter Russell Hall, thereinafter called the said mortgagee, of the other part: And whereas by the last- mentioned indenture of agreement after certain recitals therein contained and after reciting that the said Walter Russell Hall, at the request of the said Isabella Whitney, Arthur Leeds, and William Kelty, had agreed to enter into and execute those presents for the purpose of acknowledging that the sum of sixty-three thousand pounds only and interest thereon, caleulated from the first day of January, one thousand eight hundred and ninety-cight, remained owing on the security of the hereinbefore recited indenture of mortgage, and the sum of thirty thousand pounds (part: of the said sum of sixty-three thousand pounds) and interest thereon, calculated from the first day of January, one thousand eight hundred and ninety-eight, was secured by the said bill of sale and stock mortgage ; and after reciting that it had been agreed that the time for the repayment of the said sum of sixty-three thousand pounds should be extended Act, 1902: Whitney Estate. extended in manner thereinafter provided; and after reciting that the said Isabella Whitney, Arthur Leeds, and William Kelty had, at the request of the said Waltcr Russell Iall, agreed to enter into and execute the indenture of agreement now in recital for the further purpose of consenting to the release of the said James Rutherford from his covenants contained in the said indenture of mortgage and the said Dill of sale and stock mortgage, and to the release of certain other property, stock, and chattels, and also for the purpose of hetter securing to the said Walter Russell Tall repayment of the said sum of sixty three thousand pounds and interest thereon, and enabling him to obtain such further assurance as he might thereafter require in manner thereinafter appearing: It was witnessed (énéer alia) that in pursuance of the said agreement, and in consideration of the premises, they, the said Isabella Whitney, Arthur Leeds, and William Kelty, and as separate covenants every two of them, did thereby for themselves, their heirs, executors, and administrators, jointly and every one of them did thereby for herself and himself, her and his heirs, executors, and administrators severally covenant with the said Walter Russell Hall, his heirs, executors, administrators, and assigns that the heirs, executors, and administrators of the said William Franklin Whitney, and they the said Isabeila Whitney, Arthur Leeds, and William Kelty, and their respective heirs, executors, and administrators, and every other person having or lawfully or equitably claiming by, through, under, or in trust for the said William Franklin Whitney, dec eased, any estate, right, title, ov interest in or to the lands, stoc k, and chattels "comprised 1 in the said indenture of mortgage and bill of sale and stock mortgage, or in or to any other property, stock, chattels, and assets coming to the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and exceutors as aforesaid, under the division of the properties of the said partnership, or any of them, or any part thereof respectively, should and would at all times (at the cost, until foreclosure or sale, of the estate of the said William Franklin Whitney, or of them the said Isabella Whitney, Arthur Leeds, and William Kelty, and afterwards at the cost of the person or persons requiring the same) execute and do every such lawful assurance and thing for the further or more perfectly assuring the said premises, and every or any part thereof, to the use of the said Walter Russell Hall, his heirs, executors, administrators, and assigns, as by the said Walter Russell Hall, his heirs, executors, administrators, or assigns should be reasonably required ; and would obtain the consent and approval to those presents of such of the children of the said William Franklin Whitney as were then infants immediately on their respectively attaining the age of twenty-one yers; and would indemnify and keep indemnified the said Walter Russell Hall, his heirs, executors, admin- istrators, and assigns, and his and their estates and effects, against all actions, Act, 1902. Whitney Estate. actions, suits, claims, and demands whatsoever that might be brought by the said infants on or at any time after their attaining the age of twenty-one years respectively against the said Walter Russell Hall, his heirs, executors, administrators, or assigns, and also against all losses, charges, damages, costs, and expenses 'that the said Walter Russell Hall, his heirs, executors, administrators, or assigns might sustain or incur by reason of the said infants, or either of them, not consenting to or approving of those presents; and generally against all results and consequences of the said infants not consenting and approving as aforesaid; and would within one month after being requested in writing by the said mortgagee, his heirs, executors, administrators, or assigns so to do, make all necessary applications to (inter alia) the Supreme Court of New South Wales for leave to mortgage to the said Walter Russell Hall, his heirs, executors, administrators, or assigns the whole of the said properties, s stock, chattels, and assets coming to them, the said Isabella Whitney, Arthur Leeds, and William Kelty, : as such executrix and executors as aforesaid, under the said division of properties of the said partnership to secure the repayment of the said sam of sixty-three thousand pounds and interest thereon, or for the confirmation of the arrangement made in respect of the thereinbefore recited indenture of mortgage and bill of sale and stock mortgage, and would within one month after being requested as aforesaid commence and institute all necessary steps and proceedings requisite or necessary for obtaining a Private Act or Acts (inter alia) in the Colony of New South Wales, authorising the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, to mortgage such properties, stock, chattels, and assets coming to them under such division of properties as aforesaid for the amount aforesaid or otherwise confirming the arrangement. made in respect of the said indenture of mortgage and bill of sale and stock mortgage, and would whenever called upon so to do execute all such mortgages, transfers, assignments, and securities over such properties, stock, chattels, and assets coming to them as aforesaid under the division of properties of the said partnership as the said Walter Russell Hall, his heirs, exccutors, administrators, or assigns, or his or their attorney or attorneys, agent or agents might from time to time require for the purpose of securing payment of the said principal sum of sixty-three thousand pounds and interest, such mortgages and securities to be prepared by the solicitors for the said Walter Russell Hall, his heirs, executors, administrators, or assigns, or his or their attorney or attorneys, agent or agents, and the same to contain all such reasonable powers (including powers of sale), provisions, covenants, clauses, and agreements as might be thought desirable by the said Walter Russell Hall, his heirs, executors, administrators, or assigns, or his or their attorney or attorneys, agent or agents, or his or their solicitors ; Act, 1902. Whitney Estate. solicitors; and that in the event of the said Isabella Whitney, Arthur Leeds, and William Kelty, or any or cither of them, their or any or either of their executors, administrators, or assigns making default for the space of one month as aforesaid in making such application (inter alia) to the Supreme Court of New South Wales, or in doing all that might be necessary to obtain such Private Act or Acts as aforesaid, after having been requested as aforesaid, or in executing to the said Walter Russell Hall, his heirs, executors, administrators, or assigns any such mortgages, transfers, assignments, or securities as aforesaid, after the same should have been handed to them, or left at, or sent through the medium of the post office addressed to them or any or cither of them to the usual place of abode or business of them or any or either of them in the Colony of New South Wales last known to the said mortgagee, his heirs, executors, administrators, or assigns, or his or their 'attorney or attorneys, agent or agents, or left upon any part of the said properties, then all such applications to the said courts or cither of them might be made, and all necessary proceedings to obtain such Private Act or Acts might he taken, and all such mortgages and securities might be executed by the said mortgagee, his heirs, executors, administrators, or assigns in his or their own name or names, or in the name or names of the said William Franklin Whitney, his executors or administrators, or in the names and when necessary as the act and deed of the said Isabella Whitney, Arthur Leeds, and William Kelty, or any or cither of them, their or any or either of their heirs, executors, administrators, or assigns; and would pay all costs, charges, fees, and expenses arising out 'of or incidental to or connected with such application to the Court as aforesaid, and such mortgages and securities, and obtaining such Private Act or Acts as aforesaid, and all other costs, charges, fees, and expenses in any way connected with or arising out of those presents or the arrangement therein set forth: And whereas by an indenture of agreement bearing date the twenty-ninth day of December, one thousand eight hundred and ninety-seven, expressed to he made between the said Isabella W hitney, Isabella Rachel Kelty (wife of the said William Kelty), Adeline 'Thirza Whitney, spinster, Arthur William Whitney, Esquire, Louisa Katie Whitney, spinster, Emily Margaret Whitney, spinster, and Evelyn Frances Amelia Whitney, spinster, all of Coombing Park aforesaid, beneficiaries under the will of the said William Franklin Whitney, of the one part, and the said Walter Russell Hall of the other part, after reciting that the said James Rutherford and the said William Franklin Whitney carried on business in partnership as coach proprietors, railway contractors, mail contractors, and graziers, and for such other purposes as were determined upon by the said partners, the said James Rutherford being entitled to two-thirds of the property of the partnership, Act, 1902. Whitney Estate. partnership, including gains and profits,.and the said William Franklin Whitney to one- -third thereof; and that it was therein provided that on the death of either partner, if the executors of the deceased partner declined to continue in the business and the surviving partner did not purchase the share of the deceased partner, the assets of the partner- ship should be sold and divided ; and after reciting the said indenture of mortgage, dated the twenty-seventh day of December one thousand eight hundred and cighty-nine, registered number five hundred and thirty- four, book four hundred and twenty-nine; and after reciting the said bill of sale and stock mortgage; and after reciting that by his will and codicil, each bearing date the fourth day of September, one thousand eight hundred and ninety-four, the said William Franklin Whitney appointed the said Isabella Whitney, Arthur Leeds, and William Kelty executrix and executors thereof; and after reciting that the said William Franklin Whitney died on about the thirty-first day of October, one thousand eight hundred and ninecty-four, without having altered or revoked his said will and codicil, and that probate thereof, was, on the twenty-third day of May, one thousand eight hundred and ninety-five, granted to the said Isabella Whitney, Arthur Leeds, and William Kelty ; ; and after reciting that ancillary probate of the said will and codicil was, on the thirtieth day of November, one thousand eight hundred and ninety-seven, granted by the Supreme Court of Queensland to the said Arthur Leeds, one of the executors in the said will and codicil named, power being reserved to make the like grant to Isabella Whitney and William Kelty, the executrix and other executor in the said will and codicil named; and after reciting the said agreement dated the fifteenth day of April, one thousand eight hundred and ninety-seven; and after reciting the said agreement dated the thirtieth day of August, one thousand cight hundred and ninety-seven ; and after reciting that in order to enable the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, to carry out the said agreements and to assume their portion of the liabilities of the late partnership in the terms of the thereinbefore recited indenture of mortgage of the twenty- seventh day of December, one thousand eight hundred and cighty- nine, and the thereinbefore recited bill of sale and stock mortgage of: the thirtieth day of June, one thousand cight hundred and 'ninety- three, should be discharged, and the said Walter Russell Hall should advance to the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, the sum of sixty-three thousand pounds upon the security of the whole of the properties, stock, chattels, and assets coming to the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, under the division of the properties of the said partnership; and after reciting that the said Walter Russell Hall Act, 1902. Whitney Estate. » Tall had agreed to advanee to the said James Rutherford a certain sum of money upon certain securities; and after reciting (inter alia) that the parties thereto having been advised that the thereinbefore recited agreements of the fifteenth day of April, one thousand eight hundred and ninety-seven, and the thirtieth day of August, ope thousand eight hundred and ninety-seven, were not in conformity with the provisions of the deed of partnership, and that the said agreements constituted a breach of the trusts of the will of the said William Franklin Whitney, deceased, and that the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and exccutors as aforesaid, could not legally give a mortgage over such properties, stock, chattels, and assets coming to them as aforesaid: It had been agreed that the thereinbefore recited indenture of mortgage of the twenty-seventh day of December, one thousand eight hundred and cighty-nine, and the thereinbefore recited bill of sale and stock mortgage should not be discharged as far as regarded the covenants of the said William Franklin Whitney and the properties, stock, chattels, and assets taken by the said Isabella Whitney, Arthur Leeds, and Wiiliam Kelty, as such executrix and executors as aforesaid, under the division of properties of the said partnership were concerned, but that the said James Rutherford should be released from his personal covenants contained in the said indenture of mortgage, and bill of sale and stock mortgage, and that the Cunnamulla property and stock and chattels thereon should be discharged from the thereinbefore recited bill of sale and stock mortgage, but without prejudice to or in any other way affecting the said indenture of mortgage and bill of sale and stock mortzage and the covenants of the said William Franklin Whitney therein contained except as thereinafter provided; and after reciting that the sum of sixty-three thousand pounds only was the principal sum due to the said Walter Russell Hall from the said executrix and executors as aforesaid ; and after reciting that the said Isabella Whitney, Isabella Rachel Kelty, Adeline Thirza Whitney, Arthur William Whitney, and Louisa Katie Whitney had, at the request of the said Walter Russell Hall, agreed to enter into and exccute the indenture of agreement now in recital for the better securing to the said Walter Russell ILall the repayment of the said sum of sixty-three thousand pounds and interest thereon, and enabling him to obtain such further assurances as he might thereafter require in manner thereinafter appearing, and for the purpose of indemnifying him against any loss he might incur by reason of the title of the said securities from the said exceutrix and executors as aforesaid, and from the said James Rutherford, or any of them being defective: It was witnessed that in pursuance of the said agreement, and in consideration of the premises they, the said Isabella Whitney, Isabella Rachel Kelty, Adeline Thirza Whitney, Arthur William Whitney, and Louisa Natie Whitney, SS) Act, 1902. Whitney Estate. Whitney, and as separate covenants every five, four, three, and two of them did thereby for themselves, their heirs, executors, and adminis- trators jointly. and every one of them did thereby for herself and him- self, her and his heirs, executors, and administrators, severally covenant with the said Walter Russell Hall, his heirs, executors, administrators, and assigns that they the said covenanting parties respectively, and their respective heirs, executors, administrators, and assigns, and every other person having or lawfully or equitably claiming gany estate, right, title, or interest through them, or any of them, or through Emily Margaret Whitney, or "Evelyn Frances Amelia Whitney, ¢ children of the said William Franklin Whitney, deceased, or either of them, or by, through, under, or in trust for the said William Franklin Whitney, deceased, in or to the land, stock, and chattels, and effects forming or intended to form security of the said Walter Russell Hall as aforesaid, or any of them, or any part thereof respectively, should, and would at all times (at the cost until foreclosure or sale of the said covenanting parties respectively, and their respective heirs, execu- tors, administrators, or assigns, and afterwards at the cost of the person or persons requiring the same), execute and do every such assur- ance and thing for the further or more perfectly assuring the said premises and every or any part thereof to the use of the said Walter Russell Hall, his heirs, executors, administrators, and assigns as by the said Walter Russell Hall, his heirs, executors, administrators, or assigns should be reasonably required, and would obtain the execution of the indenture of agreement. now in recital by such of the children of the said William Franklin Whitney as were then infants, that is to say, Emily Margaret Whitney and Evelyn Frances 'Amelia Whitney, within six months of their respectively attaining the age of twenty-one years, and would indemnify and keep indemnified the said Walter Russell Hall, his heirs, executors, administrators and assigns, and his and their estates and effects against all actions, suits, claims, and demands whatsoever that might be brought by the said infants on or at any time after their attaining the age of twenty-one years respec- tively against the said Walter Russell Hall, his heirs, executors, administrators or assigns, and also against all losses, charges, damages, costs, and expenses that the said Walter Russell Hall, his heirs, executors, administrators, cr assigns might sustain or incur by reason of the said infants or either of them not consenting to or approving of the indenture of agrement now in recital, and generally against all results and consequences of the said infants not consenting and approving as aforesaid; and would, whenever called upon so to do, exccute all such mortgages, transfers and assignments, and securities over such properties, stock, chattels, and assets as aforesaid as the said mortgagee, his heirs, executors, administrators or assigns, or his or their attorney or attorneys, agent or agents might from time to time require Wiituey Estate. require for the purpose of securing payment of the said principal sum of sixty-three thousand pounds and interest ; and would obtain the execution by the said infants on their attaining the age of twenty-one years of all such mortgages, transfers, assignments, and securities if requested so to do; all such mortgages, transfers, assignments, and securities to be prepared by the solicitors for the said Walter Russell Hall, his heirs, executors, administrators or assigns, or his or their attorney or attorneys, agent or agents, and the same to contain all such powers (including powers of sale), provisions, covenants, clauses, and agreements as might be thought desirable by the said Walter Russell Ilall, his heirs, executors, administrators, or assigns, or his or their attorney or attorneys, agent or agents, or his or their solicitors; and that in the event of the said covenanting parties, or any or cither of them, their or any or either of their heirs, executors, administrators, or assigns making default for the space of one month as aforesaid in executing to the said Walter Russell Hall, his heirs, executors, administrators, or assigns any such assurances, mortgages, transfers, assignments, or securities as aforesaid aftcr the same should have been handed to them or left at or sent through the medium of the post office, addressed to them or any or either of them to the usual place of abode or business of them or any or either of them in the said Colony of New South Wales last known to the said Walter Russell lfall, his heirs, executors, administrators or assigns, or his or their attorney or attorneys, agent or agents, or left upon any part of the said properties, then all such assurances, mortgages, transfers, assign- ments, and securities might be executed by the said Walter Russell Hall, his heirs, executors, administrators, or assigns in his or their own name or names, or in the names, and when necessary as the act and deed, of the said covenanting parties respectively, or any or cither of them, their or any or either of their heirs, executors, administrators, or assigns, and would pay all costs, charges, fees, and expenses arising out of or incidental to or connected with such assurances, mortgages, transfers, assignments, and securities as aforesaid, and all other costs, charges feces, and expenses in any way connected with or arising out of the indenture of agreement now in recital or the arrangement therein sct forth; and for the purposes aforesaid and to give full effect to the indenture of agreement now in recital, the said covenanting parties did and each of them did thereby irrevocably appoint the said Walter Russell Hall, his executors, administrators, and assigns, the attorney and attorneys, agent and agents of them the said covenanting parties respectively, and of their respective executors and administrators, with power in his or their own name or names, or in the names or name of the said covenanting parties, or any or cither of them respectively, their or any or cither of their respective executors, administrators, or assigns, to execute all such mortgages, transfers, assignments, securities, and Act, 1902. Whitney Estate. and other assurances, and accept any of the same as aforesaid, and to pay all costs, fees, charges, and expenses necessary for or in any way connected with the carrying out of the objects aforesaid or any of them, and until repaid with interest at the rate of six pounds per centum per annum the same should be a 'charge upon the lands and premises comprised in the said indenture of mortgage and hill of sale ; and for all or any of the purposes aforesaid from time to time to nominate or appoint one or more substitute or substitutes, agent or agents, under him or them in his or their place or places, and such nomination or appointment at pleasure to revoke the said covenanting parties respectively, thereby ratifying, confirming, and allowing, and agreeing at all times to ratify, confirm, and allow all and whatsoever the said Walter Russell Hall, his executors, administrators, or assigns, or his or their attorney or attorneys, agent or agents, or their substitute or substitutes, agent or agents, should do or cause to be done in and about the premises by virtue of the indenture of agreement now in recital; and it was thereby agreed and declared that a statutory declaration by the said Walter Russell Wall, his heirs, executors, administrators, or assigns, or by his or their attorney or attorneys, agent or agents, or their substitute or substitutes, that default had been made by the said Isabella Whitney, Isabella Rachel Kelty, Adeline Thirza Whitney, Arthur William Whitney, Louisa Katie Whitney, Emily Margaret Whitney, and Evelyn Frances Amelia Whitney, or any or either of them, in executing any such 'assurances, mortgages, transfers, and securities as aforesaid, or any of them, should be conclusive evidence of that fact and of the right of the said Walter Russell Hall, his executors, administrators, or assigns, or his or their attorney or attorneys, agent or agents, or their substitute or substitutes, to execute such assurances, mortgages, transfers, and securities as aforesaid in the names and name, and as the act and deed, of the said covenanting parties respectively, or any or cither of them, their or any or either of their executors, administrators, or assigns: Provided further, and it was thereby agreed and declared that default by the said Isabella Whitney, Isabella Rachel Kelty, Adeline Thirza Whitney, Arthur William Whitney, Louisa Katie Whitney, Emily Margaret Whitney, and Evelyn Frances Amelia Whitney, or any or either of them, their or any or either of their heirs, executors, administrators, or assigns thereunder, should be equivalent to default under the thereinbefore recited indenture of mortgage and bill of sale; and thereupon or at any time thereafter the said mortgagee, his heirs, executors, administrators, or assigns might cxercise all or any of the powers contained in the said indenture of mortgage and bill of sale or either of them and powers incidental thereto; and it was also witnessed that in further pursuance of the said agreement, and in consideration of the premises, they, the said Isabclla Whitney, Tsabella Act, 1902. Whitney Estate. Isabella Rachel Kelty, Adeline Thirza Whitney, Arthur William Whitney, Louisa Katie Whitney, Emily Margaret Whitney, and Evelyn Frances Amelia Whitney, and as separate covenants every seven, six, five, four, three, and two of them did thereby for them- selves, their heirs, executors, and administrators, jointly and each of them, did thereby for herself and himself, her and his heirs, executors, and administrators, severally covenant with the said Walter Russell Hall, his heirs, executors, administrators, and assigns that they the said covenanting parties, and every of them, their and every of their heirs, executors, and administrators would from time to time and at all times thereafter indemnify and keep indemnified the said Walter Russcll Hall, his heirs, executors, administrators, and assigns from and against all losses, costs, charges, and expenses which the said Walter Russell Hall, his heirs, exccutors, adininistrators, or assigns might at any time thereafter incur or become liable to pay by reason or in consequence of the illegality of the thereinhefore recited agreements, or the aforesaid breaches 'of trust, or the defeets in the title to the securities both from the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, and from the said James Rutherford, or any or cither of them, or by reason of such defects, or by reason of or in consequence of any actions, proceedings, claims, and demands to be made, sct up, or instituted at any time or times thereafter by any person or persons, company or companies in respect of the same or any of them, and from and against all costs, damages, and expenses to be occasioned by any such action, proceeding, claim, or demand as aforesaid, or otherwise in r espect of the premises ; and it was thereby declared that upon the exceution of the indenture of agreement now in recital by the said Emily Margaret Whitney and Evelyn Frances Amelia Whitney respectively, then all the covenants therein contained should be binding on them respectively, and their respective heirs, executors, administrators, and assigns: And whereas by indenture of confirmation bearing date the twenty- -ninth day of December, one thousand eight hundred and ninety-seven, made between the said James Rutherford of the one part, and the sai Isabella Whitney, Arthur Leeds, and William Kelty of the other part after reciting that by a certain indenture of conveyance dated the twenty- -fourth day of December, one thousand eight hundred an cighty-nine, registered number five hundred and thirty- three, book four hundred and tw enty-ninc, made between the said Walter Russell Hall of the first part, and the said James Rutherford and William Franklin Whitney of the second part, and Elliott Meyer of the third part, the lands and hereditaments thereinafter described were conveyed and assured unto the said Elliott Mcyer and his heirs to the use of the said James Rutherford and William Franklin Whitney, their heirs, executors, administrators, and assigns for ever as tenants in common in Or Act, 1902. Whitney Estate. in unequal shares ;. and after reciting the said indenture of mortgage bearing date the twenty-seventh day of December, one thousand cight hundred and cighty-nine; and after reciting that the said James Rutherford and William Franklin Whitney, in the lifetime of the said William Franklin Whitney, carried on business in partnership as coach proprietors, railway contractors, mail contractors, and graziers, and for such other purposes as were determined upon by the said partners, the said James Rutherford being entitled to two-thirds of the property of the partnership including gains and profits, and the said William Franklin Whitney to one-third thereof; and after reciting that the lands and hereditaments thereinafter described formed part of the property of the said partnership ; and after reciting that the said William Franklin Whitney died on or about the thirty-first day of October, one thousand eight hundred and ninety-four, having first duly made his last will and codicil thereto whereby he appointed the said Isabella Whitney, Arthur Leeds, and William Keity exccutrix and executors thereof; and after reciting that probate of the said will and codicil was, on the twenty-third day of May, one thousand eight hundred and ninety-five, granted by the Supreme Court of New South Wales to the said Isabella Whitney, Arthur Leeds, and William Kelty, the executrix and executors therein named; and after reciting the said agreement of the fifteenth day of April, one thousand eight hundred and ninety-seven; and after reciting the said agreement bearing date the thirtieth day of August, one thousand eight hundred and ninety-seven; and after reciting that the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and exccutors as aforesaid, in pursuance of the said agreement had assumed and become solely liable for such portions of the liabilities of the late partnership as were by the said agreement to be assumed by them within the time mentioned in the said agreement of the thirtieth day of August, one thousand eight hundred and ninety-seven; and after reciting that the said James Rutherford, for the purpose of confirming and carrying into effect the thereinbefore recited agreements, had agreed to enter into and execute those presents in manner thereinafter appearing: It was witnessed that in pursuance of the said agreement and in consideration of the premises, he, the said James Rutherford, did thereby grant release and confirm unto the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, and their heirs, all that the undivided share and interest both legal and equitable of him, the said James Rutherford, of and in all those pieces or parcels of lands com- prised and described in the Schedule thereunder written, and of and in all other lands of whatever tenure forming, or reputed to form, part of the Coombing Park Estate, or held, used, occupied, or enjoyed there- with, or intended or reputed so to be, to have and to hold the said undivided Witney Estate. undivided share and interest and all and singular other the premises thereby granted or expressed so to be with the appurtenances unto and to the use of the said fsabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, their heirs and assigns for ever subject to the thereinbefore recited indenture of mortgage: And whereas by indenture of confirmation bearing date the twenty-ninth day of December, one thousand eight hundred and ninety-seven, made between the said James Rutherford of the one part and the said Isabella Whitney, Arthur Leeds, and William Kelty of the other part, after reciting that by an indenture bearing date the fifteenth day of November, one thousand eight hundred and cighty- three, registered number seven hundred and forty-seven, book two hundred and cighty, made between William Lachlan Macquarie Redfern of the one part and the said James Rutherford of the other part, the lands and hereditaments therein (and in the indenture now inrecital) described were conveyed and assured unto and to the use of the said James Rutherford, his heirs, and assigns for ever, and after reciting the said indenture of mortgage bearing date the twenty- seventh day of December, one thousand cight hundred and cighty-nine; and after reciting that the said James Rutherford and W illiam Franklin Whitney, in the lifetime of the said William Franklin Whitney, carried on business in partnership as coach proprictors, railway contractors, mail contractors, and graziers, and for such other purposes as were determined upon by the said partners, the said James Rutherford being entitled to two- thirds of the property of the partner- ship including gains and profits, and the said William Franklin Whitney to one-third thereof; and after reciting that the lands and hereditaments thereinafter described formed part of the property of the said partnership ; and after reciting that the said William Vranklin Whitney died on or about the thirty-first day of October, one thousand eight hundred and ninety-four, having first duly made his last will and codicil thereto, whereby he appointed the said Isabella Whitney, Arthur Leeds, and William Kelty exccutrix and executors thereof ; and after reciting that probate of the said will and codicil was, on the twenty-third day of May, one thousand eight hundred and ninety-five, granted by the Supreme Court of New South Wales, in its Probate Jurisdiction, to the said Isabella Whitney, Arthur Leeds, and William Kelty, the executrix and executors therein named; and after reciting the said agreement of the fifteenth day of April, one thousand cight hundred and ninety-seven; and after reciting the said agreement bearing date the thirtieth day of August, one thousand eight hundred and ninety-seven; and after reciting that the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, in pursuance of the said agreement, had assumed and become solely liable for such portions of . the liabilities of the late partnership as were, by the said agreement to be assumed by Steel ban si. Act, 1902. Whitney Estate. by them within the time mentioned in the said agreement of the thirtieth day of August, one thousand eight hundred and ninety- seven; and after reciting that the said James Rutherford, for the purpose of confirming and carrying into effect the thereinbefore recited agreements, had agreed to enter into and execute those presents in 'manner thereinafter appearing: It was witnessed that, in pursuance of the said agreement, and in consideration of the premises he, the said James Rutherford, did thereby grant, release, and confirm unto the said Isabella Whitney, Arthur Leeds, and William Kelty, as such exccutrix and executors as aforesaid, and their heirs, all those pieces or parcels of land comprised and described in the Schedule thereunder written, and also all other lands (if any) of whatever tenure forming or reputed to form part of the Coombing Park Estate, Waugoola, James Park, and Pine Mount, or any or either of them, or held, used, oceupied, or enjoyed with them or any or either of them, or intended or reputed so to be, and all the estate, share, and interest, both legal and equitable, of him, the said James Rutherford, of and in all other lands of whatever tenure forming or reputed to form part of the Coombing Park Estate, Waugoola, James Park, and Pine Mount, or any or either of them, or held, used, occupied, or enjoyed with them, or any or either of them, or intended or reputed so to be, to have and to hold the said lands, messuages, and hereditaments, estate, share and interest, and all and singular other the premises thereinbefore described and intended so to be thereby assured with the appurtenances unto and to the use of the said Isabella Whitney, Arthur Lecds, and William Kelty, as such executrix and executors as aforesaid, their heirs and assigns for ever, subject to the thereinbefore recited indenture of mortgage: And whereas by an indenture of confirmation bearing date the twenty-ninth day of December, one thousand eight hundred and ninety-seven, made between the said James Rutherford of the one part and the said Isabella Whitney, Arthur Leeds, and William Kelty of the other part, after reciting that by an indenture bearing date the twenty-seventh day of March, one thousand eight hundred and eighty-nine, registered number nine hundred and four- teen, book four hundred and eleven, made between Thomas Hilliar of the one part and the said James Rutherford of the other part, the lands and the hereditaments therein (and in the indenture now in recital) described in the First Schedule thereto, were conveyed and assured unto and to the use of the said James Rutherford, his heirs, and assigns for ever; and after reciting that by the said indenture of mortgage of the twenty-seventh day of December, one thousand cight hundred and eighty-nine, the lands and hereditaments described in the First Schedule thereto (ézter alia) were conveyed and assured unto the said Walter Russell Hall to secure the repayment of the said sum of fifty thousand pounds and interest thereon, as therein men- tioned, subject to the proviso for redemption therein contained ; and after Act, 1902. Whitney Estate, after reciting that the said James Rutherford and William Franklin Whitney in the lifetime of the said William Franklin Whi mney carried on business in partnership as coach proprietors, railway contractors, mail contractors and graziers, and for such other purposes as were determined upon by the said partners, the said James Rutherford being entitled to two-thirds of the property of the partnership, including gains and profits, and the said William Franklin Whitney to one-third thereof; and after reciting that the lands and heredita- ments thereinafter described in the First and Second Schedules thereto formed part of the property of the said partnership, the lands in the First Schedule forming part of the estate known as James Park, and the lands in the Second Schedule forming part of the estate known as Pine Mount; and after reciting that "the said William Franklin Whitney -dicd on or about the thirty-first day of October, one thousand eight hundred and nincty-four, having first duly made his last will and codicil thereto, whereby he appointed the said Isabella Whitney, Arthur Leeds, and William Kelty executrix and executors thereof; and after reciting that probate of the said will and codicil was on the twenty-third day of May, one thousand eight hundred and ninety-five, granted by the Supreme Court of New South Wales, in its Probate Jurisdiction to the said Isabella Whitney, Arthur Leeds, and William Kelty, the executrix and exceutors therein named; and after reciting the said agreement of the fifteenth day of April, one thousand eight hundred and ninety-seven ; and after reciting the said agreement, bearing date the thirtieth day of August, one thousand eight hundred and ninety-seven ; and after reciting that the said Isabella Whitney, Arthur Leeds, and William Kelty, as such exceutrix and executors as aforesaid, in pursuance of the said agreement, had assumed and become solely liable for such portions of the liabilities of the late partnership as were by the said agreement to be assumed by them within the time mentioned in the said. agreement of the thirtieth day of August, one thousand cight hundred and ninety-seven ; and af ter reciting that the said James Rutherford, for the purpose of confirming and carrying into effect the thercinbefore recited agreements, had agreed to enter into and execute those presents in manner thereinafter appearing: It was witnessed that, in pursuance of the said agreement, and in consideration of the premises, he, the said James Rutherford, did thereby grant, release, assign, transfer, and confirm unto the said Isabella Whitney, Arthur Leeds, and William Kelty (as such exccutrix and executors as aforesaid), their heirs, executors, administrators and assigns, all those picces or parcels of land comprised and described in the first part of the First Schedule thereto ; and also all those conditionally purchased and conditionally leased lands, comprised and described in the second part of the First Schedule thereto, and also all those conditionally purchased lands, comprised and described in the Second Schedule thereto ; and also all other lands (if any) of whatever tenure forming or Interpretation of word " trustees, * Act, 1902. Whitney Estate. or reputed to form part of the Coombing Park Estate, Waugoola, James Park, and Pine Mount, or any or cither of them, or held, used, occupied, and enjoyed with them, or any or either of them, or intended or reputed so to be; and also all the estate share and interest, both legal and equitable of him, the said James Rutherford, of and in all other lands of whatever tenure forming or réputed to form part of the Coombing Park Estate, Waugoola, James Park, and Pine Mount, or any or either of them, or held, used, occupied or enjoyed with them, or any or either of them, or intended or reputed so to be, to have and to hold the said lands, messuages, and hereditaments, estate, share, and interest, and all and singular other the premises thereinbefore described, and intended to be thereby assured with the appurtenances unto, and to the use of the said Isabella Whitney, Arthur Leeds, and William Kelty, as such executrix and executors as aforesaid, their heirs, executors, administrators and assigns, according to the nature and tenure thereof respectively, subject to the thereinbefore recited indenture of mortgage: And whereas the sum of two thousand pounds has been set apart and is now invested by the said executrix and executors, upon trust for the said Glassford Franklin Whitney, in terms of the said bequest to him: And whereas the said will and codicil of the said William Franklin Whitney do not contain power to postpone the sale of his share of the assets of the said partnership, or to partition or divide, or concur in the partition or division of the assets of the said partnership, or to mortgage or concur in mortgaging any portion of the said testator's share in the said assets, or to carry on any portion of the same, and any cf the other powers contained in this Act: And whereas certain of the aforesaid lands are supposed to contain valuable deposits of metals and minerals: And whereas it is desirable in the interest of all persons beneficially interested under the said will and codicil of the said William Franklin Whitney in the said lands that the said agreements of the fifteenth day of April, one thousand eight hundred and ninety-seven, and the thirtieth day of August, one thousand eight hundred and ninety-seven, and the said two indentures of agreement and three indentures of con- firmation all dated the twenty-ninth day of December, one thousand eight hundred and ninety-seven, should be ratified and confirmed. And that the powers contained in this Act should be conferred upon the said Isabella Whitney, Arthur Leeds, and William Kelty, or other the trustees or trustee for the time being of the said will and codicil : Be it therefore enacted by the King'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, The words "the said trustees'? whenever hereinafter used shall extend to and include not only the said Isabella Whitney, Arthur Leeds, and William Kelty, but also the trustees or trustee for the time being of the said will and codicil, 2. Act, 1902. Whitney Estate. 2. It shall be lawful for the said trustees (subject nevertheless Trustees empowered to all or any securities or security held by the said Walter Russell Hall 0 sel! and convey. if then subsisting or any other then subsisting security) to sell and absolutely dispose of or concur or join in selling or absolutely disposing of all and singular the lands and hereditaments which are or may be subject to the trusts of the said will and codicil, or which have been or hereafter may be allotted as the share of the said William Franklin Whitney or of the said trustees in the said partnership business, or may otherwise become vested in them as such trustces or any part or parts of such lands and hereditaments, by public auction or private contract, either in one or more lot or lots, and in such manner generally and upon and subject to such terms and conditions and at such price or prices in money or for such other equivalent or consideration as the said trustees shall deem expedient, with power to buy in the said lands and hereditaments or any or either of them or any part thereof at any sale by auction, and to rescind or vary any contract for sale either on terms or gratuitously, and to re-sell without being responsible for any loss occasioned thereby, and upon any such sale or sales to convey or transfer 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 (subject as aforesaid) from all trusts affecting the same, and the receipts in writing of the said trustees for the purchase money of any lands and hereditaments so sold shall be full and sufficient discharges to any purchasers for the same and from being bound to see to the application of the same and from any liability for the loss, non-application, or misapplication of the same, or any part thereof. The said trustees shall be entitled to pay the whole of the costs, charges, and expenses of such sales or sale out of the whole or any part of the proceeds of any sale made under this section. 8. It shall be lawful for the said trustees from time to time to Power to postpone postpone such sale or sales as aforesaid as they in their discretion shall think fit. sales, 4. Subject to the said securities or security of the said Walter Power to give credit Russell Tall, Tt then subsisting, or any other then subsisting security as aforesaid, it shall be lawful for the said trustees to allow any purchaser or purchasers credit for the payment of the whole or any part of his, her, or their purchase money, upon such terms as to interest or other- wise and generally as the said trustees may deem reasonable and expedient: Provided that the land in respect of which such credit shall be given shall remain unconveyed or untransferred, 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 lien for the said purchase to purchasers, Power to mortgage. Power to purchase. Power to make partition. Power to accept partnership aesets, Act, 1902. Whitney Estate. purchase money, and every part thereof, shall not be affected thereby or lost: Provided further, that the said trustees shall only be liable or responsible for so much of the said purchase money as such purchaser or purchasers shall actually pay, and shall not be liable for any loss arising from the default of any purchaser on the completion of his or her purchase. 5. It shall be lawful for the said trustees from time to time to borrow and raise at interest any sum or sums of money with power from time to time to pay off any mortgage or mortgages or any part or parts thereof, and to re-borrow any sum or sums thereby secured or any greatcr or less sum or sums; and to execute any mortgage or mortgages of any real or personal estate which is for the time being subject to the trusts of the said will and codicil, with or without power of sale for securing payment of the sum or sums so borrowed, and to give effectual receipts and discharges for the moneys advanced by any mortgagee, and to do and execute all such other acts, deeds, and things "as may be necessary or expedient for the purpose of effectuating such mortgage or mortgages: Provided that no mortgagee advancing money upon the security of any such mortgage as aforesaid purporting to be made under the power herein conferred shall be bound to inquire whether such money is required for the purposes of the trusts of the said will and codicil or this Act, or in any way concerned to see to the application of such money when so advanced, or be liable for the loss, non-application, or misapplication thereof. 6. It shall be lawful for the said trustees to purchase or acquire lands whether freehold, leasehold, or Crown lands, or lands held under the existing Crown Lands Acts or any Acts amending or repealing the same, at such price or prices in moncy, or for such other equivalent or consideration as to them shall seem reasonable, and to apply in the purchase or acquiring of the same any part of the moneys subject to the trusts of the said will and codicil, and to sign, execute and accept all or any deeds, documents, or other writings necessary for the purchase or acquiring of the same. 7. It shall be lawful for the said trustees (subject to the said securities or security of the said Walter Russell Hall, if then subsisting, or any other then subsisting security as aforesaid), to execute or join in executing any deed or deeds, transfer or transfers, or other document for the purpose of effecting or obtaining a partition or division of any lands, hereditaments, and premises forming portion of the assets of the said partnership business. And for the like purpose to take or join with any person or persons in taking, and to join as parties in all necessary proceedings in any court or courts of law, equity, or other jurisdiction in the State of New South Wales or elsewhere. 8. It shall be lawful for the said trustees to join or concur with the said James Rutherford, his executors, administrators, or assigns, _in Act, 1902. 23 WwW hitney Listate. in any partition or division of the real or personal assets of the said partnership business of Cobb and Company remaining undivided, and to accept from the said James Rutherford, his executors, administrators, or assigns, and to give him or them a complete and valid receipt and discharge for such portion of the said real or personal assets as may be allotted to the said trustees. 9. It shall be lawful for the said trustee until sale thereof to Power to carry on carry on and manage any sheep or cattle stations, and the sheep, cattle, 1 menaee station horses, or other stock or chattels belonging thereto, and any other?" : properties which have been or may hereafter be allotted as the share of the said Wiliam Franklin Whitney in the said partnership business, and for that purpose to sell any of the said sheep, cattle, horses, or other stock or chattels from time to time, and to purchase other sheep, cattle, horses, or other stock or chattels, and (subject to the said securities aforesaid) to obtain money upon overdraft, mortgage, stock mortgage, or bill of sale; and (subject as aforesaid) to lodge or give as security therefor all or any of the real and personal estate which is for the time being subject to the trusts of the said will and codicil. 10, It shall be lawful for the said trustees (subject to the said Power to exchange. securities or security of the said Walter Russell Hall, if then subsisting, or any other then subsisting security as aforesaid), from time to time to exchange for other lands or hereditaments all or any of the lands and hereditaments for the time being subject to the trusts of the said will and codicil, and to give or reccive any moncy for equality of exchange. 11. It shall be lawful for the said trustees (subject to the said Power to grant securities or security of the said Walter Russell ILall, if then subsisting, leases, or any other then subsisting security as aforesaid), from time to time, by deed or writing, to demise and lease all or any part of the lands and hereditaments for the time being subject to the trusts of the said will and codicil to any person or persons for any term of years, to take elfect 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 hereafter 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 part thereof, or by otherwise expending in improvement such moneys as shall be dcemed by the said trustees adequate to the interest to be parted with, at such rent as