41
In forceProceeds of sales of Town lands
Part VIPowers of the local government
41 Proceeds of sales of Town lands
(1)
The Town of Cambridge is to establish an account called the “Cambridge Endowment Lands Account” (the Account).
(2)
The proceeds of any sale of Town lands are to be credited to the Account.
(3)
The Town of Cambridge may transfer such of the funds in the Account as it thinks fit into a reserve fund.
(4)
The Town of Cambridge may invest such of the funds in the Account as it thinks fit in any manner that a trustee may lawfully invest trust funds.
(5)
Moneys in the Account shall be applied by the Town of Cambridge in the development of the said lands.
[Section 41 inserted: No. 38 of 1993 s. 21.]
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