Cohen’s Estate Act of 1873 No cea (NSW)

An Act to enable t he Trus tees of t he Wil l of Mr. Michael Cohen deceased to sell cer ta in L a n d in Clarence-street Sydney and to m a k e provision for t he inves tmen t of t he

proceeds of the sale thereof.	[26th	March,
1873.]

WH E R E A S victual ler by his las t will and t e s t amen t hear ing date t h e

Michae l Cohen la te of P i t t - s t r ee t Sydney l icensed

of t h e one pa r t and Priscil la Cohen and Lewis Solomon of t he o ther p a r t the said Priscil la Cohen and Lewis Solomon were duly appointed Trus tees of the said will in t h e place of t he said Sigmond Hoffnung A n d whereas t he said will contains no power for t he Trus tee or Trustees there in named or thereby to be appointed to sell t he said land to g ran t leases thereof or to create any t enancy upon the security of which a t e n a n t would be induced to expend money in repairs A n d whereas t he bui ldings on cer ta in land in Clarence-street in the City of Sydney devised by t h e said will are in such a dilapidated condi t ion t h a t t hey will

th i rd day of Feb rua ry one thousand e ight h u n d r e d and sixty-four

devised all his real es ta te u n t o Sigmond Hoffnung (in the said will called

S igmund Hoffman) his heirs a n d assigns upon cer ta in t r u s t s in t h e

said will men t ioned for t he benefit of his wife and ch i ldren A n d

whereas t h e said tes ta tor died on the twen ty - seven th day of J a n u a r y one t housand eight hund red and sixty-five leaving Prisci l la Cohen his widow and e ight chi ldren h i m surviving A n d whereas by inden tu re

bear ing date t h e n ine teen th	day of October one thousand e ight
hund red and seventy-one and made be tween t h e said Sigmond	Hoffnung

will soon become wholly un tenan tab le and thereby cease to yield an income and there are no funds be longing to t he said t rus t es ta te available for t he repair of the said bui ldings A n d whereas i t is con­ sidered t h a t i t would be h ighly beneficial for all part ies interested in t h e said t r u s t estate t h a t t h e Trustees of t he said will should be empowered to sell t h e said land in Clarence-street and to invest t he proceeds of t he sale thereof in t he purchase of other lands in N e w South Wales or u p o n real or Government securi ty the re in Be i t therefore enacted by t h e Queen ' s Most Exce l len t Majesty by and wi th t he advice and consent of t he Legis la t ive Council and Legislat ive Assembly of N e w South Wales in Pa r l i amen t assembled and by the au tho r i t y of t he same as follows :—

1. I t shall be lawful for t he said Priscil la Cohen and Lewis Solomon or t he Trustee or Trustees for t he t ime-being of t he said will to sell t he said lands and hered i taments in Clarence-street Sydney which are specified in the Schedule hereunder wr i t ten ei ther by publ ic auct ion or pr ivate cont rac t and either in one or more parcels or a l lo tments and wi th such rights-of-way in and over any por t ion of such land as he she or they shall deem mos t expedient and for such price or prices as can be reasonably obta ined for t h e same a n d w h e n sold to convey the same or any par t or pa r t s thereof to t he purchase r or purchasers his her or the i r heirs or assigns or to such uses a n d in such m a n n e r as such purchase r or purchasers m a y direct and t he r eupon such hered i taments or such p a r t thereof as shall be so conveyed by t h e said Prisci l la Cohen and Lewis Solomon or t he Trus tee or Trustees for t he t ime-being of t he said will and the legal estate the re in shall vest absolutely in t h e person or persons to w h o m t h e same shall be so conveyed his he r or the i r heirs or assigns or go and r ema in to such uses and in such m a n n e r as aforesaid freed and discharged from the t rus t s created by the said will b u t subject to any pre-exis t ing charges or incumbrances affecting t he same hered i taments A n d t h e receipts of t h e said Trustee or Trus tees for t h e purchase money of t he said l ands or any pa r t thereof shall be valid and effectual discharges to t he purchase r or purchase r s thereof and shall relieve such purchaser or purchasers from all responsibil i ty for t h e misappl icat ion or non- applicat ion of such money.
2. I t shall be lawful for t h e said Priscil la Cohen and Lewis Solomon or t h e Trus tee or Trustees for t h e t ime-be ing of t h e said will to allow to any purchaser or purchasers of t h e said land or any pa r t or par t s thereof credit for any n u m b e r of years no t exceeding seven
years for p a y m e n t of his or her purchase money or any pa r t thereof
upon such t e rms as to in teres t or otherwise as m a y by t h e said Prisci l la
Cohen and Lewis Solomon or t he Trus tee or Trustees for t h e t ime-being of t h e said will be deemed proper provided t h a t the land shall r ema in unconveyed or be otherwise rendered a securi ty for the unpa id purchase money toge the r w i t h t he in teres t the reon un t i l t h e same shal l have been paid and fur ther t h a t e i ther as a pa r t of t he con t rac t of pur­ chase or otherwise i t shall be lawful for t he said Prisci l la Cohen and Lewis Solomon or the Trus tee or Trustees for t h e t ime-being of t he said will to lay out and invest any p a r t of the proceeds of t he sale of the said land or any p a r t of t he said t rus t moneys upon mor tgage of t h e same to be t a k e n from any purchase r or purchasers thereof his he r or the i r heirs or assigns.
3. I t shall be lawful for t he said Priscil la Cohen and Lewis Solomon or t h e Trustee or Trus tees for t h e t ime-be ing of t h e said will in the i r or his discretion to invest t h e moneys be longing to t h e t rus t s of t he said will e i ther a t in teres t upon real securi t ies or upon securi­ ties of t he Governmen t of N e w South W a l e s or u p o n purchase of other lands and he red i t ament s in N e w South Wales as t he said

Priscil la

Prisci l la Cohen and Lewis Solomon or t h e Trus tee or Trus tees for t h e t ime-being of t he said will shall t h i n k fit and ei ther or any of t h e modes of i nves tmen t aforesaid shal l be deemed and const rued to be equal ly in accordance wi th t h e i n t en t and m e a n i n g of t h e said will and shal l be subject to t he t ru s t s of t h e said will so far as such

t rus t s shall be applicable there to .

4. This A c t shal l be styled a n d m a y be cited as " Cohen 's

E s t a t e A c t of 1 8 7 3 . "

SCHEDULE.

All that piece or parcel of land parish of St. Andrew City of Sydney County of Cumberland being portions A and B of allotment number ten of section fifty-three containing by admeasurement thirty-two perches more or less Commencing on the west side of Clarence-street and bounded on the north by allotments numbers eleven and fifteen being a line bearing west twenty degrees thirty minutes south one hundred and fifty-eight links on the west by a line bearing south fourteen degrees thirty minutes east eighty-three links thence by a line bearing east twenty-four degrees north thirty-six links again by a line bearing south twenty-six degrees east sixty-one links on the south by the north boundary of allotment number nine being a line bearing-east seventeen degrees thirty minutes north one hundred and nine links to Clarence-street and on the east by the west side of Clarence-street bearing north fourteen degrees forty minutes west one hundred and forty-nine and a half links to the point of commencement.