Institutes Mortgages Act 1898 (SA)

ANNO SEXAGESIMO PRIM0 El.' SEXAGESIMO

SECUNDO

No. 696,

An Act to provide for thc Mortgaging of Institutes in certain cases, to validate existing Mortgages, and to provide for the Exemption of Institutes from

Local Taxation.

[Assented to, December y u d, 1898.1

E it Enacted by the Governor, with the advice and consent of

B the Parliament of South Australia, as follows:

1, This Act may be cited as " The lnstitutes Mortgage Act, short title and

1898:" and shall be incorporated with the ' L Public Library,

written consent of the Minister Controlling Education shall be ~ ~ ~ ~ ~ & ~ m ~ O * indorsed

Museum, and Art Gallery Act, 1883-4," " The Public Library, Museum, and Art Gallery Act, 1885," and " The Institutes Amendment Act, 1888."

2, In all cases where no express provision to the contrary is power torhefunar

contained in the trust deed of any institute, funds may be raised by by mOrt@geb

mortgage of all or any part of thc real estate of such institute for

the purpose of erecting buildings on such land, or of making

substantial and permanent additions to any buildings on such land,

or of redeeming any mortgage thereon.

3, The mortgage shall be executed by the trustees of the Trusteesto exmub

institute in whom such real estate is vested, and may be in such mortgaw

form as shall be agreed, and the receipt of the mortgagors shall be

a sufficient discharge for any money lent.

4, No mortgage pursuant to this Act shall be valid unless the Coneent ~ f ~ i n i s t ~

61" & 62" VICTOIIIE, No. 696. "

The Institutes Mortgage Act.-1898.

indorsed on such mortgage prior to the advance of the mortgage money; and before any such consent shall be given the Minister shall be satisfied that a resolution approving the proposal to mortgage has been adopted at a meeting of subscribers called to consider the matter and of which reasonable notice has been given.

Copy of mortgage to

be deposited.

5. A copy of cvcry mortgage given shall be deposited by the

mortgagors with the Minister Controlling Education within one

month after SUCH mortgage is executed.

Validation of former

mortgages. 6, All mortgages of institutes executed before the first day of

October, one thousand eight hundred and ninety-eight, with the consent of thc Minister controlling Education and of a meeting of subscribers, are hereby validated.

from

poration and District	7. For the purpose of exempting and continuing to exempt suburban and country institutes from payment of rates to any Cor- porations ox District Councils section 6-oi' the District Councils Act, No. 419 of 1887, and section ti of the Municipal Corporations Act, 497 of 1690, shall be read and construed as if at the time of the passing cif the said Acts respectively, and at the end of the para- graphs in such sections respectively beginning '' Ratable property," the following words were added-" Lands and buildings belonging to and used and occupied by any suburban or country institute, but
Council rates.
Exception.	so nevertheless that any land or building or part of any land or building belonging to any suburban or country institute which shall be let and cease to be in the occupation of any such institute shall not be included in this exemption."

In the name and on behalf of Her Majesty, I hereby assent to

this Bill.

S, J. WAY, Lieutenant-Governor.

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Adelaide: By authority, C. E. Burs~ow, Govenarmt Printer, Xorth