Macansh Estate Act (1 Geo v) (Qld)

10188 MACANSII ESTATE. Macansh Estate Act. 1 GEO. V., SIPVuabr. , dt ioXvfiIs" Vio T . n, he " The 3. Lo T c h a e l p A r u ov th is o i r o i n ti s es of A S c u t b o d f i1v9is0i2on, "* IVo. roafnPyaernt aXcItVm.eonft Local amending or in substitution for the same, shall not apply AAuctthoofr 1 it 9 ie 0 s 2" to the raising of the additional sum of ten thousand pounds. not to apply. to which this Act relates, and it shall not be necessary to give public notice of any proposition to borrow the same or to submit such proposition to the vote of the ratepayers. MACANSH ESTATE. 1 Geo. V. An Act to Enable the Trustees of the Will of John THE MAOANSH ESTATE AOT. Donald IVIacansh, deceased, to join with Certain of the Beneficiaries under the Will of Sarah Jane Macansh, deceased, in transferring Albilbah Station, situate in the Mitchell District, Thunda Station, situate in the Gregory South District, and Murweh Station, situate in the Warrego District, to a Company to be called the Macansh Estate, Limited, in Exchange for Fully Paid-up Shares in the said Company. [ASSENTED TO 31ST DECEMBER, 1910. Pr3amble. W HEREAS John Donald Macansh, late of Canning Downs, near Warwick, died on the first day of' August, one thousand eight hundred and ninety-six, having first made his Will, dated the twenty-eighth day of July, one thousand eight hundred and. ninety-two, whereby he appointed his sons, John Donald Macansh, Thomas Windeyer Macansh, and Andrew Walter Irby Macansh, and Henry Francis Barton, Executors and Trustees of his Will, and, after a certain bequest to his wife, Sarah Jane Macansh, he gave, devised, and bequeathed all the rest and residue of his estate, real and personal .And whereso- ever situate, unto and to the use of his said Trustees and their heirs upon trust, and,, with and upon such terms and conditions as they or other the Trustees or Trustee for the time'being of the said Will should think most expedient, to sell by auction or by private contract, or partly by one mode and partly by the other, * 2 Edw. VII. No. 19, supra, page 8365.

, gf. x, f y as. h, his ne est so- es. uch s or uld vate her, MACANSII ESTATE: 1910. Macansh Estate Act. for cash or upon credit, and together or in parcels, to con- vert such part of the same as should not consist of money into Money, and to hold the same together with all moneys which should come into their hands in connection with his estate upon trust, in the first place, to. pay all his just debts, testamentary and funeral expenses, and as to the residue upon. trust for his wife absolutely; and he declared that his said Trustees or other the Trustees or Trustee . for the time being of his said Will might, with the consent of his said wife during her life and after her death at their own discretion, postpone the sale, conversion, and collection of all or any part or parts of his said estate so long as they or he should think proper, and that during such postpone- ment his said Trustees or other the Trustees or Trustee for the time being of his said Will should manage and carry on his stations and stock or such of them as should remain unconverted, and might, with the consent of his said wife during her life and after her death at their own discretion, let on lease, for such time upon such terms and conditions as they or he might think fit, his real or personal estate or any part thereof, and pay out of the moneys in their hands any .money which they might consider necessary for purchasing, leasing, or securing land or stock, or for equality of exchange, or for improvement or advancement of his said stations, or any of them or other real or personal estate, or any part thereof; and the said Testator by his said Will directed that, out of the net rents and profits and other income produced from his said estate previously to the sale or conversion thereof, there should be paid to his said wife or as she should direct the sum of one thousand pounds in each and every year by equal quarterly ,:payments, the first of such payments to be made at the expiration of three months from his death; and that the balance of the said. net rents and profits should be used in payment of his said debts, and that, after the whole of his said debts had been paid, the whole of the said net rents and profits should be paid to his said wife or as she should direct; and that, if his said Trustees or any of them, or any Trustee or Trustees to be appointed as thereinafter was provided, should die or become insane, or go to reside out of Australia, or desire to be discharged, or refuse or become incapable to act in the trusts of his . said. Will, then and so often the continuing Trustees or Trustee should,. during the lifetime of his said wife with her consent and after her 2i

MACAN.Sli ESTATE. Macansh Estate Act. 1 GBO. V., death at their or his own discretion, appoint a new Trustee or Trustees in the place of the Trustee or Trustees so dying, becoming insane, or going to reside out of Australia, or desiring to be discharged, or refusing or becoming incapable• to act; and that upon every such appointment his said estate should be so transferred that the same might become vested in the new Trustee or Trustees jointly with the surviving or continuing Trustees or Trustee, and that every new Trustee should have the same powers, authorities, and discretions as if he had been thereby originally appointed a Trustee: And whereas the said Will was duly proved in the Supreme Court of Queensland by the said Thomas Windeyer Macansh on the fourth day of June, one thousand eight hundred and ninety-seven, leave being reserved to the said John Donald Macansh the younger, Andrew Walter Irby Macansh, and Henry Francis Barton to come in and. prove: And whereas the said John Donald Macansh the younger, Andrew Walter Irby Macansh, and Henry Francis Barton duly came in and proved the said Will on the eleventh day of August, one thousand eight hundred and ninety-nine: And whereas amongst other properties belonging to the said testator was Albilbah Station, situate in the Mitchell District of Queensland: And whereas the said Executors and Trustees, during the lifetime of the said Sarah Jane Macansh and with her consent, realised certain of the said testator's estates, and postponed the realisation of the said Albilbah Station: And whereas Sarah Jane Macansh, the widow of the said testator, died at Canning Downs aforesaid on the twenty-sixth day of January, one thousand nine hundred, having made her Will, dated the thirty-first day of March, one thousand eight hundred and ninety-seven, whereby she appointed the said Henry Francis Barton and Andrew Walter Irby Macansh Executors and Trustees of her said Will, and, after certain specific bequests in the said Will set forth, she devised and bequeathed all her real estate, whatsoever and wheresoever, and all her residuary personal estate, including as well real as personal estate over which She had or should have a general power of appointment, unto and to the use of the said Henry Francis Barton and Andrew Walter Irby Macansh, their heirs, executors, administrators, and assigns upon trust that they or the survivor of them or other the Trustees or Trustee for the

MACANM ESTATE. 10191 ., 1910. Macansh, Estate Act. w time being of her said Will (thereinafter called her Trus- s tees or Trustee) should, in such manner, and under such f stipulations and upon such terms and conditions in all r respects as they or he should in their or his absolute h and. uncontrolled discretion think fit, sell, collect, or at otherwise convert into ready money all such parts of r the same premises as should not consist of ready money; es and that her said Trustees or Trustee should, out of e the net proceeds of such sale, calling in, and conversion, n pay her funeral and testamentary expenses and debts and the probate duty and legacy duty payable on any e legacy under her said Will, and stand possessed of the as residue of the moneys to arise from the sale, calling e in, and conversion of her real and residuary personal g estate upon trust to divide the same into twelve equal r, parts; and the testatrix by her said Will declared certain n trusts as to each such twelfth part, such trusts being as to eight of such parts respectively for eight of the children he of the testatrix respectively absolutely; and the testatrix y directed her Trustees or Trustee to stand possessed of and ll interested in one other of such twelve equal parts of the ht moneys to arise from the sale, calling in, and conversion of her real and residuary personal estate upon trust to to invest the same in the names or name of her Trustees or he Trustee in or upon any of the stocks, funds, securities, or investments thereinafter mentioned; and to hold the same ng upon trust for her son, John Donald Macansh, for a er limited life interest, with remainder to his widow, if any, nd for life, and with remainder to all the children or child of her said son who being a son or sons should have attained he or should attain the age of twenty-one years, or being a he daughter or daughters should have attained or should d, attain that age or should have married or should marry, if h, more than one, in equal shares as tenants in common; by and the testatrix directed her Trustees or Trustee to stand ew possessed of and interested in one other twelfth part of the aid residue of the moneys so to arise from the sale, calling in, ill and conversion of her real and residuary personal estate te, upon the like trusts for the benefit of her son, James nal Gilchrist Macansh, his wife, child or children, and remoter ch issue, respectively, to those thereinbefore declared for the nt, benefit of her son, John Donald Macansh the younger, nd his wife, child or children, and remoter issue respectively; rs, and the testatrix directed her Trustees or Trustee to divide he one other of such twelfth parts equally between her grand- he daughter, Sarah Kate Barton, and her niece, Cecilia Flora

10192 MACANSH STA'1E. Macansh Estate Act. 1 GEo. V., Barton; and the testatrix directed her Trustees or Trustee to divide the remaining one-twelfth part equally amongst her nephew, James Macansh, and her nieces, Catherine Charlotte Blaxland and Elizabeth Sarah Windeyer ; and the testatrix directed her Trustees or Trustee to invest any moneys for the time being subject to and not immediately required for the trusts of her Will in or upon any of the public stocks, funds, or securities of any of the Australasian Colonies, or on the security of any freehold estates in any of the said colonies, but not elsewhere, or on fixed deposit of any bank or banks of issue and deposit, with power from time to time to convert and transpose such investments in, to, or for any other thereby authorised at their or his absolute discretion; and she declared that if the Trustees thereby appointed or any or either of them should die in her life- time, or if they or any or either of them, or any Trustee or Trustees to be appointed as thereinafter was provided, should after her death die or desire to be discharged either wholly or in part or refuse or become unfit or incapable to act, it should be lawful for the surviving or continuing Trustee or Trustees to appoint a new Trustee or Trustees in the place of the Trustee or Trustees so dying or desiring to be discharged either wholly or in part or refusing or becoming unfit or incapable to act; and upon every such appointment the trust premises should be so transferred that the same might become vested in the new Trustee or Trustees jointly with the surviving or continuing Trustee or Trustees; and that every new Trustee should have the same powers, authorities, and discretions as if they had been thereby originally appointed a Trustee; and the testatrix thereby declared that it should be lawful for her Trustees to appoint a separate set of Trustees for any part of her real or residuary personal estate held upon trust distinct from those relating to any other part or parts of her said real and residuary personal estate, and for that purpose to appoint any persons, not being less than two in number, to be Trustees of any such part of her said real and residuary personal estate; and she authorised her Trustees, at any time or times, at their discretion, to appropriate any part of her real or residuary personal estate thereinbefore devised and bequeathed to her Trustees in trust in its then actual condition or state of investment in or towards satisfaction of any share in her trust estate, with power for that purpose conclusively to determine the value of the said trust property or any part or parts thereof in such manner as they should think fit:

MACANSH ESTATE. 10193 1910. 4• Macansh Estate Act. And whereas, by Codicil to her said Will made on the twentieth day of March, one thousand eight hundred and ninety-nine, the said Sarah Jane Macansh appointed the said Thomas Windeyer Macansh a Trustee and Executor of her said Will in addition to the said Henry Francis Barton and Andrew Walter Irby Macansh: And whereas the said Will and Codicil of the said Sarah Jane Macansh was duly proved in the Supreme Court of Queensland on the twenty-third day of June, one thousand nine hundred, by the said Henry Francis Barton, Andrew Walter Irby Macansh, and Thomas Windeyer Macansh: And whereas the said testatrix left her surviving the children, grandchild, nephew, and nieces mentioned in her said Will, all of whom, except the said grandchild, had at the time of the said testatrix's death attained the age of twenty-one years, and the said grandchild has since attained that age: And whereas the said Henry Francis Barton died on or about the twenty-sixth day of October, one thousand nine hundred and two: And whereas, by deed dated the eleventh day of November, one thousand nine hundred and two, the said Andrew Walter Irby Macansh and Thomas Windeyer Macansh appointed Rowland Macansh, of Warwick aiore- said, to be a Trustee of the Will and Codicil of the said Sarah Jane Macansh in place of the said Henry Francis Barton: And whereas, by deed dated the seventh day of July, e .one thousand nine hundred and three, the said John Donald Macansh the younger, Thomas Windeyer Macansh, and Andrew Walter Irby Macansh appointed the said Rowland Macansh to be a Trustee of the Will of the said John Donald Macansh in the place of the said Henry Francis Barton: And whereas the share or interest of the said James Macansh under the Will of the said Sarah Jane Macansh r was assigned to and became vested in the said John o Donald Macansh the younger: And whereas the said John Donald Macansh the s younger died on or about the twenty-seventh day of February, one thousand nine hundred and. six, leaving , him surviving Louisa Macansh, his widow, and five children—namely, Isabel Macansh, Ann Macansh, -John Donald Macansh, Juliet Macansh, and Martha Macansh— all of whom, except the said Martha Macansh, are over

10194 MACANSH ESTATE. Macansh Estate Act. 1 GEO. V., the age of twenty-one years, having first made his Will, whereby he devised and bequeathed all his estate, of what- soever nature and wheresoever situate, to his wife, Louisa Macansh, and he appointed the said Louisa Macansh the Executrix of his said Will: And whereas the said Will was duly proved by the said Louisa Macansh in the Supreme Court of Queensland on the twenty-second day of May, one thousand nine hundred and six: And whereas, by deed dated the twenty-eighth day of October, one thousand nine hundred and four, the said Thomas Windeyer NIacansh,Anclrew Walter Irby Macansh, and Rowland Macansh appointed the Queensland Trustees, Limited, to be Trustees of the share settled by the Will of the said Sarah Jane Macansh for the benefit of the said James Gilchrist Macansh, his wife, child or children, and remoter issue: And whereas Mary Cecilia Macansh, one of the children mentioned in the Will of the said Sarah Jane Macan.sb, intermarried with Charles Edward Bright: And whereas the said Mary Cecilia Bright died on the third day of February, one thousand nine hundred and five, having made her Will, dated the twenty-seventh day of January, one thousand nine hundred and five, whereby she appointed the said Charles Edward Bright and Andrew Walter Irby Macansh Executors and Trustees of her Will, and, after certain specific bequests, gave, devised, and bequeathed all her real estate and all the residue of her personal estate to her Trustees upon trust to sell, collect, and otherwise convert into money all such part of the same premises as should not consist of money, and, after payment of her testamentary expenses and debts, she declared that her Trustees should hold the residue of such proceeds of the sale, calling in, and conversion upon trust, to invest the same in the public stocks, funds, or securities in the Common wealth of Australia or of any of the States thereof, or upon the security of any freehold estates in any of the said States, or on fixed deposit of any banks of issue and deposit, to pay the income arising therefrom to the said Charles Edward Bright during his life, unless and until he should have done, committed, or suffered any act, default, or thing which would have the effect of vesting the right to receive such income in any other person or persons whomsover, and, upon the, failure or determination during the life of the said Charles Edward Bright of the trusts of income.

MACANSH. ESTATE. 1910. Macansh Estate Act. expressed in his favour, she directed her Trustees in their absolute discretion to pay or apply the whole or any part of such income during the rest of the life of the said Charles Edward Bright to or for his benefit, and, subject thereto, to hold the said income upon the trusts upon which the same would be for the time being be held if the said Charles Edward Bright were then actually dead; and, from and after the death of the said Charles Edward Bright, to pay and divide as well the capital as all undis- tributed income to and amongst all of her children who should survive her and attain the age of twenty-one years in equal shares, or if there should be only one such child then to pay the whole of such income and capital to such one child, and if there should be no such child then upon trust to divide the same equally between the testatrix' sister Flora and her nieces who should then be in existence other than her nieces, Sarah Kate Barton and Lorelei Macansh: And whereas Probate of the said Will was duly granted by the Supreme Court of Queensland on the fourteenth day of April, one thousand nine hundred and five, to the said Charles Edward Bright and Andrew Walter Irby Macansh And whereas the said Charles Edward Bright and William Macansh, of Brighton, in the State of Victoria, are the present Trustees Of the said Will: And whereas the said Mary Cecilia Bright left her surviving the said Charles Edward Bright and one child only, an infant under the age of twenty-one years: And whereas the said Sarah Kate Barton, grand- daughter of the said Sarah Jane Macansh, intermarried with Francis Arthur 'llewson And whereas since the death of the said Sarah Jane Macansh the Trustees of the Will of the said John Donald Macansh, from time to time, realised and got in the whole of the station properties of the said John Donald Macansh other than the said Albilbah Station, which they have been unable to realise at a reasonable price: And whereas in carrying on the said Albilbah Station the Trustee§ deemed it necessary, for the purpose of saving the stock upon the said Albilbah Station, to purchase other properties, and they purchased accordingly Thunda Station, in the Gregory South District of Queensland, and Murwelt Station, in the Warrego District of Queensland : • And whereas the said Trustees still hold, under the trusts of the Will of the said John Donald Macansh, the 10195

10196 MAtANSII ESTATK Macanslt Estate Act. 1 GEO. V. said Albilbah, Thumla, and Murweli Stations, and have been unable to realise and convert the same at fair prices: And whereas the whole cf the persons beneficially entitled under the Will of the §aid Sarah Jane Macansh who are of full age have requested the said Trustees not to realise the said Stations, but are desirous that the same should continue to be carried on for the benefit of the persons entitled: And whereas, instead of selling the said Stations, the said Trustees are willing to co-operate with the other beneficiaries under the said Will who are sui juris in forming a Company, to be registered under "The Com- panies Acts, 1863 to 1896," of the State of Queensland, with fully paid-up shares and.a liability limited by shares, for the continued working of the said Stations by investing in shares in such Company the proportionate interest of the said beneficiaries who are not sui juris, but they are advised that they cannot do so or be relieved from the trusts of the said Will in respect of the said Stations without the sanction and authority of the Legislature: And whereas it is expedient that the Trustees should be authorised to carry the proposed arrangement into effect and be indemnified in respect thereof: Be it therefore enacted by the King's Most Excellent Majesty, by and with the consent and advice of the Legislative Council and the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows :— a c T o u r n u th v s o t e e r y e is s aenddto being 1. oIftthsheaWlliblleolfatwhefuslafidorJothhen TDrounsateldesMfaocratnhseh,tilmatee aCssoigmn ptoany. o " fthCeanTnriungstDeeosw"n) , s taofocroesnavide,yd, etcreaanssefder( , hearnedinaafstseirgcnaltlhede Stations known as " Albilbah," situate in the Mitchell District, in the State of Queensland, " Thunda," situate in the Gregory South District, in the said State, and " Murweh," situate in the Warrego District, in the said State, and the buildings and other erections, fixed machinery, and other fixtures erected, fixed, or placed thereon, and to deliver the live stock, movable machinery, plant, stores, furniture, chattels, and things thereon or thereunto belonging or used in connection therewith, to a Company about to be formed for the purpose, amongst other things, of acquiring and working the said Stations * 27 Vic. No. 4 and amending Acts, supra. page 144.

MACANSH ESTATE. 10197 . 1910. Macansk Estate Act. yheee: t l i wattrpi n hhenarhceoebdetiviChcnilpiviehsaortiiyomnmoTtpghnlrpeieesumaarosnonstityfyfatye" ei, tewcdd T hsao h ie' bnSnt e bhydst" aoi C Madsiton o hienkota m areoasnrcn p temsaia a dsont n aienans i ntdn e hhafd s doteloEr A ocfdusbast c ahut t plea s tleciey , tithrne1aopp, cl8cfaoor6Leiotrn3dqhippv- mu t eoue o earpiryrl1atteaeytst8gnoedh9icdsa, st6eh" hrtu, , eare" wnatsl. rl, dtsaiwiuuetsnohtrmnisnatofdthnehuoeardearftt, e assignment, and delivery, save as hereinafter mentioned. nr respe2c.tiWvehpeenrsthoenssahiedreCinoamftpearnmy esnhtailolnheadv, ethaellontutemdbteor tohfee P tw ro o p ze e n rt y y eettra - fully paid-up shares also hereinafter mentioned, and the vest in , Trustees shall have conveyed, transferred, assigned, and Company. s, delivered as aforesaid the said Stations and other property g to the said Company, the Trustees shall be deemed to have f fully and properly complied with and satisfied the trusts e under the Will of the said John Donald Macansh, deceased, e as regards the sale of the said Stations and property. s with3t.heItosthhaelrl bbeenleafwicfiualrifeosr uthnedeTrruthseteWesitlol ocfo-thoepesraaitde s T tou r t u o s iloo t z e i e ps s eeid.ate d Sarah Jane Macansh who are sui juris, by signing the in o aMndemdooirnagndaullmpraonpderAarntidclneescoefssAarsysodceieadtiso, ndoacnudmeexnetcsu, tainngd gotambpliasnliyi n g nt things, for the purpose of forming and establishing the said e Macansh Estate, Limited, so that to each of such bene- of ficiaries thefe shall be allotted without payment such a y number of fully paid-up shares in the capital of the said Company as shall give to each of such beneficiaries the same interest in the capital of the Company as he or she e shall, at the date of the registration of the Company, have e in the Estate of the said Sarah Jane Macansh; and so d that to the said Queensland Trustees, Limited, as Trustees e of the share of the said James Gilchrist Macan sh, his wife, ll children, and remoter issue shall be allotted, as fully paid- te up shares, one-twelfth of the whole number of shares in d the capital of the said Company; and so that to the said d Trustees of the Will of the said Mary Cecilia Bright there d shall be allotted, as fully paid-up shares, one-twelfth of the ed whole number of shares into which the capital of the said y, Company shall be divided; and so that to the said Trustees or of the Will of the said Sarah Jane Macansh there shall a be allotted, as fully paid-up shares, one-twelfth of the st whole number of shares into which the capital of the said ns Company shall be divided. * 27 Vie. No. 4 and amending Acts, supra, page 144.

10198 MACANSH ESTATE,. Macansh Estate Act. 1 GEO. V., sAbhelanloreetfmiscetiaonrtieosf share 4 s . toTthheeablleontemfiecniat,riaesshwerheoinabreefo a r d e j p u r r o i v s i , deadn, dotfosuthche tosoaftbtihsefeaicrtciolanims soaridthQe uWeeinllsloafntdhTe rsuasitdeeMs, aLriymCiteecdi,liaandBtroigthhtesshaaidllTorpuesrteaetes. under Will, as and be deemed to be a full satisfaction and discharge of all the claims, rights, and interests of such beneficiaries, respectively, under the said Will, and of the said Queens- land Trustees, Limited, and of the said James Gilchrist Macansh, his wife, child or children, and remoter issue, and of the said Trustees of the Will, of the said Mary Cecilia Bright, and of the persons beneficially interested. under her said Will upon or in the said Stations and property, and upon the said Trustees in. respect of all such claims, rights, and. interests. Shares to be an authorised 5. The said Queensland Trustees, Limited, shall hold. investment the shares of the said Company allotted to them as afore- Sunardaehr WJanilel of said as a lawful and proper investment, under the Will of Ilfacansh, the said Sarah Jane Macansh, of the moneys represented by the said shares upon such of the same trusts for the benefit of the said James Gilchrist Macansh, his wife,. children, and remoter issue as are in the Will of the said Sarah Jane Macansh expresssd concerning the interests thereunder of the said James Gilchrist Macansh, his wife, children, and remoter issue respectively. sTAhrlablorsettmesetesonttoobfe said 6 S . arTahheJaalnloetMmeanctantoshthoefTornues- tetweseloffththoefWthiellwohf othlee Pcwlaaitdiimsofwaoctfainf3dn of pnuromvbideredo, f sshhaalrleos pinertahteesaasidanCdombepadneye,maesdhetorebinebaeffourlel cJMohahilcndarDnensohnotafhled soaftitshfaectwioindoanwd dainsdchcahrgieldorfeanllocflatihmes, sraiigdhtJso, ahnndDinotenreasltds younger. Macansh the younger, their children, or next-of-kin,. respectively, under the trusts of the Will of the said. Sarah Jane NI acansh, upon or in respect of the said Stations and property in an unconverted state; and the Trustees of the Will of the said Sarah J ane Macansh shall hold such shares as a :lawful and proper investment under the said Will of the moneys represented by the said shares, on such of the same trusts for the benefit of' the widow and children of the said John Donald Macansh the younger, their .children, and next-of-kin, respectively, as. are in the Will of the said .arali Jane Macansh expressed concerning the interests thereunder of' such beneficiaries respectively.

MACANSH ESTATE. 10199 V., 1910. Macansh, Estate Act. hceh lawfu7l. fIonr tthhee fsoarimd aTtriounsteoefsthoer s. aanidy Cofomthpeamnytoitfsrhaamlleb O e r 1 T. 1 r %1 .lni m 8i i te n ne g s to aetse.' mjoointinwgitshuacnhyCootmheprapneyrsinonfrsaomrippegrsthoen Mcoenmceorrnaendduimn parnod- alAnVsdsocfiraezticmoelns. oil ge Articles of Association of the said Macansh Estate, es, Limited, upon such terms, in such manner, and form as ns- they or he shall, in their or his discretion, deem proper; ist and such Memorandum and Articles when so framed, and. ue, providing the same are in no wise repugnant to the pro- ry visions of the Companies Act or of this Act, shall, upon ed registration, be valid and. binding upon all persons n& parties thereto or • concerned therein. The costs and ch expenses incidental to the Passing of this Act and the formation and registration of the said Company shall be borne by the said beneficiaries who are sui juris and the rled-• . Tnorut s s t u e i es fu o r f ls thpersohpaorertsioonfastueclyh toof tthheeibr erneespfiecciatirvieesiwntheoreasrtes of in the said Company; and the Trustees are authorised to ed pay or deduct each beneficiary's respective proportion of he such costs and expenses from any other moneys belonging fe,. to the Estate of the said .. 4arah Jane Macansh which they aid have or thereafter may have in their hands. sts ife, the sa8i.d IStasrhahalJlabnee lMawacfaunl sfhoranthdethTeruQsuteeeenssolafntdheTWrusitlel eosf, bPyowTerursotefessa. le Limited, respectively, at any time or times and from time the ole ore ull ests ald in, aid. to time after the formation of the said Company, in their discretion, to sell the shares or any of the shares taken up by them respectively in the said Company as hereinbefore provided; and the proceeds of such sale or sales, after payment of all expenses incidental thereto, shall he held by the Trustees selling such shares upon the same trusts and for the benefit of the same 'beneficiaries respectively as the shares so sold were held. . aid 9. This Act may be cited as " The Macansh E state Short title. the Act." hall der ares ow the , as 4, MACKAY SCHOOL OF ARTS. See Scnoor.s or Awn. sed ries