Surplus proceeds of sale of investments to be held by Trustees in trust for certain purposes
5 Surplus proceeds of sale of investments to be held by Trustees in trust for certain purposes
If the Trustees shall sell the investments for the time being representing the said money under the power conferred by section 4 of this Act and the net proceeds of such sale are more than the amount required to repay to the Bank any balance of advances and interest thereon still owing and unpaid after payment of the net proceeds of the sale of the said land in reduction of the said indebtedness of the Trustees to the Bank any surplus of the proceeds of the sale of the said investments remaining after the repayment out of such net proceeds of the balance of advances and interest owing and unpaid by the Trustees to the Bank as aforesaid shall be held by the Trustees in trust for the same purposes as those declared in relation to the said money by section 5(b) of the principal Act or in trust for such other purposes as the Governor may upon the application of the Trustees by Order in Council approve.
Schedule — Trust land
[s. 2]
[Heading amended: No. 19 of 2010 s. 4.]
All those pieces of land being —
Firstly — Portion of Geraldton Town Lot 54 and being part of Lot 1 on Diagram 3065 now the subject of Diagram 5349; and
Secondly — Portion of Geraldton Town Lot 54 and being Lot 2 on Plan 3065,
and being the whole of the land comprised in Certificate of Title Volume 768, folio 48.
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