40
In forceApplication of money
Part 4Library purposes trusts
40 Application of money
(1)
A receipt, if given by the trustees of library land or by any committee of management of library land and relating to rents under a lease of that land, is sufficient discharge to the lessee and the lessee need not enquire as to the application of the rent.
(2)
A person lending money to the trustees of library land—
(a)
need not enquire as to the application of the money lent; and
(b)
is not liable for the loss or misapplication of any money so lent.
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