An Act to enable the trustees of the Grafton School of Arts to mortgage certain lands situated in the city of Grafton, and for the declaring the trusts of the moneys raised
| by such mortgage. | [10th January, | 1889.] |
| purpose of ca r ry ing out t he objects of t he said ins t i tu t ion . A n d whereas t h e present accommodat ion is unsui ted to t h e requ i rements of t h e said inst i tut ion, and the bui ld ings in use are in need of repair and enlargement , and it is expedient t h a t t he said Thomas Fisher, Alfred Lardner , and Thomas Bawden, should have power to raise money by mor tgage of t h e said lands for t h e purpose of add ing to, enlarging, a l ter ing, and repai r ing t he bui ld ings now s tand ing upon the said lands. | A n d |
| W H E R E A S | by a deed of g ran t bear ing date t he seventh day of |
December , in t he year one thousand eight hund red and sixty - six, H e r Majesty did give and g r a n t u n t o Thomas Fisher, Alfred Lardner , and Thomas Bawden, the i r heirs and assigns, all t h a t parcel of land, s i tuate in t he ci ty of Grafton, ment ioned and par t icu lar ly described in t h e Schedule to this Act , upon t r u s t to pe rmi t and suffer t he said lands to be appropr ia ted as a site or place for t h e erection of such bu i ld ing or bui ld ings for t he Graf ton School of Ar ts , established in the town of Grafton, for p romot ing the know ledge of t h e ar ts and sciences amongs t mechanics and others as t h e president , senior vice-president, and t reasurer for t he t ime being of such ins t i tu t ion should t h i n k fit. A n d whereas in pur suance of t he
| said t rus ts , cer ta in bui ld ings were erected | on t h e said land for t he |
A n d whereas such power of mor tgage cannot be obtained wi thout legislat ive sanc t ion : Be it therefore enacted by the Queen ' s Most Exce l l en t Majes ty , by and wi th t he advice and consent of t he Legis lat ive Council and Legis la t ive Assembly of N e w South Wales in P a r l i a m e n t assembled, and by the au tho r i t y of t h e same, as follows :—
1. I t shall be lawful for t he said Thomas Fisher , Alfred Lardner , and Thomas Bawden, or t he survivors or survivor of t hem, or the t rus tees or t rus tee for t he t i m e being of t h e said lands, herein after called t he t rus tees , from t ime to t ime, for t h e purpose of ra i s in" any sum or sums of money not exceeding three thousand pounds, which in the i r or his opinion it may be desirable to borrow for the purpose of add ing to, en la rg ing , a l ter ing, and repair ing t he bui ldings of t h e said ins t i tu t ion, to execute any mor tgage or mor tgages in fee, or for a less estate , of t h e whole or any pa r t or par t s of the said lands a n d hered i taments , wi th power of sale and all o ther usua l powers, provisions, a n d covenants . Provided a lways and it is hereby enacted t h a t t he power of mor tgage hereinbefore conferred shall no t be exercised unless au thor i ty be given by a resolution passed by a major i ty of a t least two- th i rds of t he member s of t h e said inst i tut ion p resen t and ent i t led to vote a t a special mee t ing of members , of which a t least fourteen days ' notice shall have been given by adver t isement in two separate issues of a t least one local newspape r ; and provided fu r ther t ha t such resolution shall have been confirmed by a like major i ty of t h e members present a t a subsequent special general mee t ing , of which a similar not ice as aforesaid shall have been duly given, and held a t an in te rva l of not less t h a n four teen days nor more t h a n one m o n t h from t h e date of t he m e e t i n g a t which such resolution shall have been first passed. Provided t h a t no person who shall advance money upon the secur i ty of any mor tgage purpor t ing to be m a d e under t he power hereby given shall be bound to inquire as to t he advisabil i ty or propr ie ty of t he rais ing of such money, or as to the applicat ion of such money w h e n raised and advanced ; and the receipt of t he said t rus tees for t he moneys so advanced shall effectually discharge t h e person advancing t h e same from being bound to sec; to t he appl icat ion thereof, and from any liability in respect of the mis
| appl icat ion or non-appl icat ion | thereof. |
2. The said t rus tees shall s tand possessed of t h e moneys raised
b y any such mor tgage upon t r u s t in t h e first p lace to pay t h e costs
and expenses of th is Act , and in t he n e x t place to apply t he same in and
| towards t he adding to , enlarging, and repair ing t h e bui ldings now | s tanding upon t h e said lands. Provided always t h a t i t shall be lawful |
| to apply from t ime to t i m e so m u c h of t h e funds of the said inst i tut ion as t h e commit tee of t h e said ins t i tu t ion shall t h i n k proper in and towards t he paymen t of, or in and towards providing a s inking fund for t h e p a y m e n t of t he pr incipal and interes t due and owing on the security of any mor tgage executed unde r the power hereinbefore con ta ined. |
| A l l | t h a t | parce l | of | l a n d , | c o n t a i n i n g | b y | a d m e a s u r e m e n t | o n e | rood , b e | t h e | s a m e | m o r e |
| or | l e s s , s i t u a t e d | i n | t h e | c o u n t y | of | C l a r e n c e , par i sh | of | G r e a t | M a r l o w , | and | t o w n | of | G r a f t o n , |
| b e i n g | a l l o t m e n t | n u m b e r | o n e | of | s e c t i o n | f o u r : | C o m m e n c i n g | at | t h e | n o r t h | c o r n e r | of | t h e |
| s e c t i o n ; | a n d | b o u n d e d | t h e n c e | o n | t h e | n o r t h - w e s t | b y | P r i n c e - s t r e e t | s o u t h - w e s t e r l y | t w o |
| c h a i n s | ; | o n | t h e | s o u t h - w e s t | b y | a | l i n e | s o u t h - e a s t e r l y | at | r i g h t | a n g l e s | t o | P r i n c e - s t r e e t | o n e |
| c h a i n | t w e n t y - f i v e | l i n k s | ; | o n | t h e | s o u t h - e a s t | b y | a | l i n e | n o r t h - e a s t e r l v , | para l l e l | w i t h | 1'rince- |
| s t r e e t , | t w o | c h a i n s | to | V i c t o r i a - s t r e e t ; | a n d | o n | t h e | n o r t h - e a s t | b y | t h a t | s t r e e t | n o r t h - w e s t e r l y |
| o n e | c h a i n | t w e n t y - f i v e | l i n k s , | t o | t h e | p o i n t | o f | c o m m e n c e m e n t . |
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