BISHOP TYRRELL TRUST ACT
AMENDMENT ACT.
An Act to amend the Bishop Tyrrell Trust Act, and to a m e n d the Bishop Tyrrell Trust Act Amendment Act, 1 9 1 8 , and to a m e n d the Bishop Tyrrell Trust Act Amendment Act,
1 9 2 3 , in c e r t a i n p a r t i c u l a r s ; to provide for
| the a l t e r a t i o n | of o n e | of the trusts; and | for |
| o t h e r | p u r p o s e s | t h e r e i n | m e n t i o n e d . | [ A s s e n t e d |
| to, | 1s t | March, | 1 9 2 7 . J |
| W H E R E A S | a n | A c t | of | P a r l i a m e n t | in t i tu led | " | Bishop |
| Tyrre l l | T rus t | A c t " | (hereinaf ter | called | t h e |
Pr inc ipa l Ac t ) was passed in the year one thousand n ine h u n d r e d and ten , va ry ing the t r u s t s declared in
| t h e | will | of | The | R i g h t | Reverend | Wi l l i am | Tyrre l l , |
Doc to r of Divin i ty , t h e Bishop of Newcas t le in t h e Sta te of N e w South Wales , and ex t end ing powers of m a n a g i n g lands held unde r such will and for o ther
| purposes | in t h e | said | Ac t | m e n t i o n e d : | A n d whereas | by |
| a n A c t | of | P a r l i a m e n t | in t i tu led | " Bishop | Tyrre l l | Trus t |
| A c t A m e n d m e n t | Act , | 1918," | passed in t he year one |
| thousand n ine h u n d r e d | and | e ighteen, and | by | a | f a r t h e r |
| n ine hund red and twen ty - th ree , the Pr inc ipa l Act was amended in certain par t icu lars and provisions were m a d e for t h e creat ion of addi t ional t rus t s and to g r a n t cer ta in ex tended powers to t he Synod of t he Diocese of Newcas t l e and to The Trus tees of C h u r c h P rope r ty for t h e Diocese of Newcas t le (hereinafter called the " Cor pora te ' t rus tees " ) : A n d whereas the Corpora te Trustees h a v e wi th t h e approval of t he Synod of the said Diocese inves ted t he sum of th i r ty t housand pounds and upwards | portion |
| A c t | of | P a r l i a m e n t | in t i tu led | " Bishop | Tyrre l l | Trus t | A c t |
| A m e n d m e n t | Act , 1 9 2 3 , " | passed in the year one | thousand |
port ion of the moneys subject to t he said T rus t in t he purchase of cer ta in lands in t h e City of Newcas t le , and in the erection of bui ld ings t h e r e o n : A n d whereas doubts have arisen as to t he power of t h e Corpora te Trustees to m a k e the said i n v e s t m e n t : A n d whereas t he Diocese of Newcast le has not declared its desire to have t he benefit of the Church of E n g l a n d Trus t Proper ty Act , 1917 : A n d whereas doubts have ar isen as to the power of Synod of the said Diocese to ob ta in t he benefit of t h e said Act as to t h e t rus t p roper ty
| ma t t e r s and th ings t he subject | of | t h e t rus t s of t he said |
| will and | the Pr inc ipa l Ac t , and | the Ac t s a m e n d i n g | t h e |
| s a m e : A n d whereas i t is expedient t h a t certain of | t he |
t r u s t s of t he Pr inc ipa l Act and the Acts amend ing the same should be al tered, and t h a t t h e Corporate Trus tees shou ld hold t h e Trus t proper ty upon t h e t rus t s declared by the said Acts and th is Act in l ieu of the t rus t s declared by t h e said A c t s : A n d whereas it is expedien t t h a t the Corporate Trustees should have addi t ional powers of inves tmen t and t h a t extended powers should be g ran t ed to the Synod of t he Diocese of Newcast le and to t he Corpora te Trus tees : A n d whereas t he provisions of th is Act have been approved by an Ordinance of the Synod of the said Diocese : A n d whereas t h e objects of this A c t cannot be carr ied out wi thou t the provisions of a n Act of Pa r l i amen t in t ha t behalf : Be i t therefore enacted
| by the K i n g ' s Most Exce l len t Majesty by and wi th | t he |
| advice and consent of t he Legis la t ive | Counci l | and |
| Legis la t ive Assembly of N e w South Wales in | Par l ia |
| m e n t assembled by and with t he au tho r i t y of t he | same |
| as follows :— |
| This Act may be cited as the " Bishop Tyrre l l T rus t wi th t he Bishop Tyrre l l Trus t |
1 .
| A c t | A m e n d m e n t | Ac t , | 1927 ," | and | shall | be | cons t rued |
| Act , t h e | Bishop | Tyrre l l |
| T rus t | Ac t A m e n d m e n t | Act , 1915, and | t h e | Bishop | Tyrre l l |
| Trus t | A c t | A m e n d m e n t | Act , | 1923. |
| 2 . | Se2tion | 2 of t he Bishop Tyrre l l T r u s t A c t | A m e n d |
m e n t Ac t , 1918, is hereby amended by inser t ing af ter the words " Bishop of Newcast le " where those words first occur, and af ter t he words " Bishop of Newcas t le " and after t he words " See of Newcas t le " t h e following words " or for an a l lowance to t he widow and or orphans of a Bishop of Newcas t le " by add ing after t h e words
" such
| " s u c h | s u m " | and after | the words " s a i d | s u m " | the |
| words | " o r | s u m s " | and by subs t i t u t i ng | for the | word |
" object " the word " objects ."
3 . The Corporate Trustees shall be deemed to have been author ised , a n d are hereby authorised to invest t he whole or any p a r t of t h e moneys cons t i tu t ing any of t h e several funds ment ioned in section one of the Pr inc ipa l A c t w i t h o ther moneys held by t h e m and forming the whole or pa r t of any o the r fund or funds men t ioned in t h e said section or wi th moneys held by t h e m upon t r u s t for purposes o ther t h a n those declared by the will
| in the P r inc ipa l Ac t ment ioned or by t he Pr inc ipa l | A c t |
or the Acts a m e n d i n g t h e same, and a n y inves tmen t s so m a d e and the income thereof shall subject to clause five hereof be held by the Corporate Trustees upon the same t r u s t s and in t he same propor t ions as t he moneys so inves ted were held.
4 . I t shall no t have been or be obligatory for t h e Corporate Trus tees in se t t ing aside any a m o u n t in accordance wi th section one of t he Pr inc ipa l A c t or a n y A c t amend ing the same to set aside the same in moneys , b u t t he Corporate Trus tees shall he deemed to have been author ised, and are hereby author ised, to appropr ia te any pa r t of the proper ty subject to the t rus ts of t he said will, and not a l ready appropr ia ted , to any fund or funds in t he ac tua l condit ion or s ta te of inves tmen t thereof in or towards satisfaction of t h e funds or any of t h e m ment ioned in section one of t he Pr inc ipa l Ac t or in t he Acts a m e n d i n g the same as to t he Corporate Trustees m a y seem j u s t and reasonable and in the order or pr ior i ty in which the funds are by the Pr inc ipa l A c t or any Act a m e n d i n g the same directed to be set aside.
| 5 . If unde r t he provisions of t he Pr inc ipa l Act or any A c t a m e n d i n g the same any of t he funds mentioned in section one of the Pr inc ipa l A c t has been set aside and the a n n u a l income thereof shall in any year exceed t h e a m o u n t of t he a n n u a l s u m directed in section one of t he Pr inc ipa l Act to be paid or applied to t he l ike purposes for which such fund is directed to be set aside t h e Corporate Trustees m a y apply the excess of such income after se t t ing aside the reou t such sum as t he Corporate Trustees shall t h i n k fit for a reserve fund for ave rag ing gains, losses and in te res t in the p a y m e n t of | t he |
the incomes ment ioned in section one of t h e Pr inc ipa l Ac t in pr ior i ty of p a y m e n t in the order set forth in t he said section or add the same to t h e u l t i m a t e balance wi th t h e accumula t ions thereof ment ioned in t he said section : Provided, however, t h a t if and when the a n n u a l income from t h e inves tments of a n y of the funds so set aside shall no t in any year reach t h e a n n u a l s u m directed by section one of t h e P r inc ipa l Ac t to be paid or applied to the l ike purposes for which the fund has been so set aside t h e Corporate Trus tees may pay from the reserve fund here in ment ioned and from the balance of t h e ne t proceeds and the income ar is ing f rom the inves tmen t of t h e reserve fund ment ioned in section one of t h e Pr inc ipa l Ac t , such s u m as may he requi red to m a k e u p t h e income derived from the inves tmen t of t he
| said fund | to t he a m o u n t of the said a n n u a l | sum. |
6 . The Synod of the Diocese of Newcas t le shal l have power to m a k e an ordinance or ordinances from t ime to t ime dec lar ing a desire to have t h e benefit of t he C h u r c h of E n g l a n d Trust Proper ty Act , 1917, or such of t h e provisions thereof as t he Synod of t he said Diocese shall from t ime to t ime th ink fit, ex tended to t h e propert ies , m a t t e r s , a n d th ings subject to the t rus ts declared by t h e said, will and by the Pr inc ipa l A c t and the Acts amend ing the same, a n d unde r the h a n d of t he Bishop of t he said Diocese notify such ordinance in t he Governmen t Gazet te , and immedia te ly u p o n such notification a n d
| thencefor th | t h e | provisions | of | t he | said | C h u r c h | of |
| E n g l a n d | Trus t | P roper ty Ac t , 1917, shal l | apply | to | all |
t rus t , p roper ty , ma t t e r s , and t h i n g s subject to the t rus t s
declared by the said will or the P r inc ipa l Act or the Acts
a m e n d i n g the same. I f t he Synod of t h e said Diocese
| shall , u n d e r | t h e power conta ined in the said | C h u r c h | of |
E n g l a n d T rus t P r o p e r t y Ac t , 1917, m a k e an ord inance dec la r ing a desire to have t he benefit of t he said A c t ex tended to t he Diocese of Newcas t le and shal l notify t h e same as in t h e said Act , provided such Ac t shal l no t apply to t he t rus t s declared by the said will or by t he P r inc ipa l A c t or the A c t s a m e n d i n g the same, or to t h e p roper ty , ma t t e r s , and th ings subject to t he said t rus t s excep t so far as the Synod of t he said Diocese shal l in such ordinance declare .
T H E