Payment to Crown upon termination of trusts
8 Payment to Crown upon termination of trusts
Where the trusts upon which the Peel Street property is held are terminated for any reason, the trustees shall forthwith pay to the Crown a sum of money that is equal to twenty-eight fifty-fifths of the sum of money obtained by adding together—
the sale price of the Edward Street property on the date that is, in the opinion of the Governor in Council, the date of settlement of the relevant sale; and
the sum of money that represents any increase, as determined by the valuer-general in the value of the unimproved lands that form part of the Edward Street property, that occurs between the date of settlement referred to in paragraph (a) and the date that, in the opinion of the Governor in Council, is the date of termination of the trusts;
and this section, according to its terms, shall constitute a charge on the said property.
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