Sillitoe's Trust Act 1858 22 Vic (NSW)

Suuror'sTaustres: Ary Act to cnable the Trustees under a certain Preamble. Indenture of Settlement made by Mr. Acton Sillitoe of Land at Double Bay in the Parish of Alexandria in the County of Cumberland to sell the said Land and to invest the Money to arise from such sale upon the Trusts of the said Settlement. [7th October, 1858.] HEREAS by an indenture bearing date on or about the nine- teenth day of July one thousand cight hundred and forty-eight and made between George Cooper Turner solicitor of the first part Acton Sillitoe merchant of the second part Sarah Sillitoe wife of the said Acton Sillitoe of the third part and Archibald Windcyer Esquire and Archibald Mitchell merchant therein designated "Trustees"' of the fourth part in consideration of the sum of forty pounds paid by the said Acton Sillitoe to the said George Cooper Turner and in consideration of the natural love and affection which the said Acton Sillitoc had and bore towards the said Sarah Sillitoe and his children the said George Cooper Turner by direction of the said Acton Sillitoe granted and released unto the said Trustees a certain parcel of land situated in Double Bay in the parish of Alexandria in the county of Cumbcrland containing one rood and seventeen perches more or less To hold unto and to the use of the said Trustees their heirs and assigns upon certain trusts in the said indenture expressed fo enefit of the said Acton Sillitoe and Sarah Sillitoe his wife @ their respective lives and upon the death of the said Sarah Sillitoe or upon the voungest child of the said Acton Sillitoe and Sarah Sillitoe arriving at 'the age of twenty-one years whichever of the two should last happen Upon trust that the said Trustees and the survivor of them and the heirs executors and admin- istrators of such survivor should scll and dispose of the said heredita- ments in manner therein mentioned and should hold the residue of the purchase money after payment of all expenses attending any sale or sales or otherwise incurred in the execution of the trusts thereby declared 1858. 22° VIC. 541 Sillitoe's Trustecs. declared in trust as in the said indenture mentioned and should hold the residue of the purchase money after payment of all expenscs attending any sale or sales or otherwise incurred in the execution of the trusts thereby declared in trust as in the said indenture mentioned And whereas by 'Indenture bearing date the third day of November onc thousand cight hundred and fifty -five the Reverend Robert Allwood clerk and W. 'illiam George Pennington gentleman were duly appointed Trustees of the said settlement in the place and stead of the said Archibald Windeyer and Archibald Mitchell And whereas the land comprised in the said settlement is contiguous to other lands which under and in pursuance of the powers vested in the said Robert Allwood and William George Pennington by an Act of the Governor and Legislative Council of the Colony of New South Wales passed in the year one thousand eight hundred and fifty-five they have sold and conveyed to My. Thomas Skinner for the sum of five thousand pounds And whereas the said Thomas Skinner has agreed to purchase the land comprised in the said recited settlement for the sum of one thousand five hundred pounds conditionally upon a valid conveyance thereof being made to him and in the mean time he has agreed to lease the same as an occupation paddock at the yearly rent of twenty-live pounds And whereas the said 'Trustees have no power to let the said land save as aforesaid or in anywisc to improve the same or to obtain a better income therefrom And whereas it is considered and if authority can be obtained for the sale of such land the procceds of the sale thereof may from time to time be advantageously invested upon real or Government security in New South Wales and the advantages to be derived from the improved and marketable value of the trust: woperty will be greatly impaired unless the trust for sale contained in the said recited settlement. be extended for the purposes aforesaid and otherwise as hereinafter mentioned and enacted And whereas the said Acton Sillitoe and Sarah Sillitoe are desirous that the said ands should be sold and the proceeds thereof invested as aforesaid Be it therefore enacted by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legis- lative Assembly of New South Wales in Parliament assembled and by he authority of the same as follows— 1. It shall be lawful for the said Robert Allwood and Williana Lana may be sola icorge Pennington as such Trustees as aforesaid or the Trustees or ee ey og Trustee for the time bei 'ine of the said settlement to sell the land com- from the trusts of wised in the said secondly mentioned indenture to the said 'Thomas 5t#ement Skinner his heirs and assigns for the sum of one thousand five hundred pounds and to convey the same accordingly and thereupon the legal estate therein shall vest absolutely in the person or persons to whom he same shall be so conveyed their heirs and assigns freed and discharged tvom the trusts ercated by the said indenture. 2. It shall be lawful for the said Robert Allwood and William Credit may be given George Pennington or the 'Trustecs or 'Trustee for the time being of Ht payment ofper the said settlement to allow to the said purchaser of the said land or . any part or parts thereot eredit: for any number of years not exceeding seven years for payment of the purchase moncy or any part thereof upon such terms as to interest or otherwise as may by the said Robert Allwood and William George Pennington or the Trustees or Trustee for the time being of the said settlement be deemed proper provided that the land shall remain unconveyed or be otherwise rendered a security for the unpaid purchase money together with the interest thereon until the same shall have been paid. 3. It shall be lawful for the said Robert Allwood and William Proceeds of sales to George Pennington or the Trustees or Trustee for the time being of be investod in the said settlement at their or his discretion to invest the moneys seemrities to be held * ~ upon the trusts of belonging settlement. 22° VIC. 1858. MMlawarra Steam Navigation Company. belonging to the trusts of the said settlement either at interest upon real securities or upon securities of the Government of New South Wales as the said Robert Allwood and William George Pennington or the Trustees or Trustee for the time being of the said settlement shall think fit and the modes of investment aforesaid shall be deemed and construed to be equally in accordance with the intent and meaning of the said settlement and shall be subject to the trusts of the said settlement so far as such trusts shall be applicable thereto.