Fremantle Literary Institute Mortgage Act 1936 (WA)

1936.] Fremantle Literary Institute [No. 3.

Mortgage.

FREMANTLE LITERARY INSTITUTE

MORTGAGE.

1' EDIVD. val., No. III.

No. 3 of 1936.

AN ACT to enable The Fremantle Literary Institute Incorporated to borrow money by means of mort- gage of Land, and for other purposes.

[Assented to 3rd November, 1936.]

B E it enacted by the King's Most Excellent Majesty,lative Council and Legislative Assembly of Westernby and with the advice and consent of the Legis-

Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

1.

This Act may be cited as the Fremantle Literary Institute Mortgage Act, 1936. Sher title.

2.

(1.) Notwithstanding the provisions of any other Act or law, or the trusts affecting any land standing in	Power to bor- row money on
mortgage.
the name of The Fremantle Literary Institute Incor- porated, it shall be lawful for The Fremantle Literary Institute Incorporated, with the concurrence of the majority of its members present and voting at a properly constituted meeting of such members, from time to time to borrow and take up at interest for all or any of the purposes mentioned in subsection (2) of this section any sum or sums of money on mortgage or charge of the whole, or any portion of its lands: Provided, however, that no mortgage or charge granted by the said institute over any lands acquired directly- or indirectly by grant from the Crown and without valuable consideration shall be valid and binding, unless the consent in writing of the Governor shall be obtained to the granting thereof.

No. 3.] Fremantle Literary Institute [1936.

Mortgage.

(2.) The purposes for which money may be borrowed

under this section shall be

(a)	the repayment of any money previously bor- rowed, whether under this section or other- wise;
(b)	the payment of any interest owing in respect of

any money borrowed and not repaid;

(c)	the payment of the expense of maintaining, renovating, altering, amending, enlarging, rebuilding, or replacing any buildings on the lands of the said institute; and
(d)	the purchase of furniture, fittings, and equip- ment and of books for the library of the said institute.

Powers,	3. (1.) Any such mortgage or charge may contain visions as the mortgagee may require, including a power to sell and lease the mortgaged lands or any part thereof, in case of default being made in the payment of principal or interest moneys at the time or times therein appointed for the payment thereof, or in the observance of any of the covenants contained or implied in any such mortgage or charge; and, in the case of the mortgagee being an incorporated bank, such mortgage or charge may be granted on the basis of a security for repayment of an overdraft on a current account, and may contain all such covenants, provisos, conditions, and powers as are usual in securities of a like nature given to the bank or as the bank and the said institute may mutually agree.
clauses, and
Provisions in	such terms, conditions, powers, covenants, and pro-
mortgages.

(2.)

On any sale or lease of the mortgaged land which may be made by the mortgagee in exercise of his powers under the mortgage or charge, any purchaser or lessee from the mortgagee shall hold the said land free and absolutely discharged from any trusts or restrictions as to the user thereof to which the same may have been sub- ject prior to the date of such sale or lease.

(3.) It shall not be necessary for any mortgagee or any purchaser or lessee from a mortgagee to inquire whether the concurrence of a majority of members of the said institute was duly and regularly obtained as pro- vided for in section two of this Act, or for any mortgagee to see to the application of any moneys borrowed under

1936.] Fremantle Literary Institute [No. 3.

Mortgage.

the authority of this Act or to inquire into the necessity, regularity, or propriety of any such mortgage or charge; and a mortgagee shall not be affected by notice actual or constructive of the misapplication of any moneys bor- rowed by the said institute as aforesaid.

moneys borrowed by the said institute prior to the com- syest r. 4. The provisions of this Act shall apply to any Applicationf

mencement of this Act for any of the purposes men- read= tioned in subsection (2) of section two of this Act to the Iiirsner" intent that in accordance with this Act any mortgage

already given by the said institute as a security for the repayment of such money shall be and is hereby vali- dated, and also that the said institute may hereafter bor- row money by means of a mortgage or charge as aforesaid for the purpose of the repayment of the money already borrowed prior to the commencement of this Act as aforesaid.