Mackenzie’s Trust Act (1861 No mta) (NSW)

t h e Colony of Victor ia) Esqu i re of t he first pa r t He len H a w k i n s t hen of B a t h u r s t in t he said Colony spinster now the wife of t h e said W i l l i a m H e n r y Mackenzie of t he second p a r t and J o h n P iper Mac­ kenzie t h e n and the re in described as of B a t h u r s t aforesaid (but now of Sydney aforesaid) Esqu i re and George Cox t h e n and now of Mulgoa in the

An Act to confer powers to sell and grant Build­

ing Leases upon the Trustees of the Marriage

Sett lement of William Henry Mackenzie and

Helen his wife. [9th May, 1861.]

WH E R E A S by a n M a r c h one thousand eight h u n d r e d and th i r ty - two a n d m a d e

inden tu re bear ing date t h e thir ty-f irs t day of

be tween Wi l l i am H e n r y Mackenz ie t hen a n d the re in described as of

Sydney in t he Colony of N e w South W a l e s (but now of M e l b o u r n e in

the said Colony Esqu i re of t he th i rd pa r t a cer ta in parcel of land conta in ing one acre one rood and twenty-one perches s i tuate on t h e Sur ry Hi l l s in Sydney aforesaid there in par t i cu la r ly described was in

considerat ion of the mar r i age t h e n in tended between the said Wi l l i am

H e n r y Mackenzie aud his said wife conveyed to t he said J o h n P iper Mackenzie and George Cox and the i r heirs to the use (after t h e said marr iage) of t he said Wi l l i am H e n r y Mackenzie; and his assigns for his life and thereaf ter (wi th a provision for suppor t ing cont ingent remainder ) for the use of t he chi ld or chi ldren of t h e said marr iage his he r and their hei rs and assigns and if more t h a n one in such shares and propor t ion and in such m a n n e r as the said Wi l l i am H e n r y Mackenzie and He len his wife or in default of jo in t appo in tment as t he survivor should as there in ment ioned appoint and in default of any appo in tmen t to t he use of such chi ld or chi ldren and his he r or the i r respect ive he i rs and assigns equal ly between t h e m if more t h a n one as t enan t s in common with benefit of survivorship in case of the death of any or e i ther of t h e m under the age of twenty-one years and wi th t he u l t imate

remainder to t h e use of t he said Wi l l i am H e n r y Mackenzie; his heirs

and assigns for eve;r A n d whereas t he bui ldings h i t he r to erected on the l and occupy a small por t ion thereof only and are old and dilapi­ dated and yield only a small r en ta l which is great ly reduced as income; by the' cost of necessary repairs A n d whereas t he whole of t he said land is of considerable Aralue as a site for bu i ld ing a n d i t would be grea t ly for t he advantage of all par t ies beneficially in teres ted unde r the; saiel se t t l ement t h a t t he Trus tees thereof w h e n and as convenient oppor tun i ty shall offer and wi th such consent as hereinafter provided should be empowered to realize; such value ei ther in purchase money or g round ren t s by t he exercise of sufficient power of sale and of g r an t ing bu i ld ing leases A n d whereas t he said power hav ing been

omit ted in t he said se t t lement t he same cannot be supplied wi thou t

the; au thor i ty of P a r l i a m e n t Be i t therefore enacted by the Queen ' s Most Exce l l en t Majesty by and wi th t h e advice and consent of t h e Legislat ive Council and Legislat ive Assembly of N e w South Wales in Par l iament assembled and by t h e au thor i ty of t h e same; as follows—

1. I t shall be lawful for t h e said J o h n P ipe r Mackenz ie and

George Cox or t h e survivor of t h e m or o ther the Trus tees or Trus tee for t h e t ime being of t he said i nden tu re wi th t he consent in wr i t i ng of t he said Wi l l i am H e n r y Mackenzie and H e l e n his wife or of the; survivor of t h e m after the decrase of e i ther of t h e m and after t he decease of the survivor a t the sede discret ion of such Trustees or

Trus tee to lease e;ither the whole; or any p a r t of t he land and here­

d i taments comprised in the; said inden tu re to any person or persons

who shall covenant to improve the same by erec t ing and bui ld ing thereon any new house or house's bu i ld ing or bui ld ings or by repa i r ing e>r re-bui ld ing any of t he houses or bui ld ings which are now or shall hereafter be s tand ing the reon or by otherwise expending in improve­ men t s such moneys as shall be deemed adequate to t he interest to he- par ted wi th for any t e r m of years not exceeding ninety-nine; years to take; effect in possession and not in reversion or by way of future; interest so as there be; reserved in every such lease the best or most improved yearly r en t t ha t can be reasonably obtained to be incident to the immedia te reversion wi thou t any fine ibregift or other p a y m e n t of like na tu re fe>r the m a k i n g thereof and so t h a t t he re be contained in every such lease a condit ion of en t ry by the lessor for non-paymen t of r en t or non-observance or non-performance of covenants by the; lessee wi th in a reasonable t ime to be there in specified and so t h a t t he lessee elo execute a coun te rpa r t anel do thereby covenant for p a y m e n t of the r en t thereby reserved and be not by any express words there in made dispunishable for waste .

•1.

2. I t shal l also be lawful for t he said J o h n P iper Mackenzie an George Cox or t h e survivor of t h e m or o ther t h e Trustees or Trus tee for t he t ime be ing as aforesaid and wi th t h e l ike consent a n d a t t he l ike discret ion as provided for the exercise of t h e power of leasing hereinbefore conferred absolutely to sell a n d dispose of all or any p a r t of t h e l and and he red i t aments comprised in t he said i nden tu re to any person or persons whomsoever for such prices as t h e said Trus tees or Trus tee shal l deem reasonable e i ther by publ ic auc t ion or p r iva te con t rac t and subject to any condit ions of sale which shall be considered expedient inc luding a power of al lowance in such condit ions of credi t for t he purchase; money or any pa r t thereof on securi ty of t h e purchased l and and wi th power to b u y in t he same a t a n y sale or rescind or a l te r any cont rac t in regard there to w i thou t be ing answer­ able for any loss which m a y be the reby occasioned A n d t h e receipts in wr i t i ng of t he said Trus tees or Trus tee for any moneys or money ar is ing from any such sale as aforesaid shall be sufficient discharge to t he persons to w h o m the same shall be given who shall no t be l iable

in respect of any misappl ica t ion or nonappl ica t ion thereof.

3 . The moneys to arise from any such sale; shall c i ther be laid out by t h e said Trus tees or Trus tee in t h e purchase of o ther l ands s i tuate in Grea t Br i t a in or in t h e Colony of N e w South Wales or in t h e Colony of Victor ia or invested a t interest upon Government or rea l securit ies in Great Br i ta in or t h e said Colonies or one of t h e m and t h e said Trustees or Trus tee shall have t h e same powers of leasing a n d selling any l and to be so purchased as aforesaid as are hereby conferred in respect of t he l and and he red i t amen t s originally comprised in t h e

said se t t lement a n d shall also have power to va ry and t ranspose	any
securi t ies on which the t ru s t money shall be invested pu r suan t	here­

u n t o Provided t h a t t he l ike consent shall be requi red in respect of each and every such purchase inves tmen t sale t ransfer or change of securit ies as hereinbefore requ i red in regard to t he exercise of the powers of selling or leasing the lands a n d he red i t aments or iginal ly

comprised in t he said t rus t s a n d provided t h a t t h e r en t s in teres ts

dividends or a n n u a l p roduce of t h e said t r u s t p roper ty howsoever invested shall go and be paid a n d appl ied to t he same persons a n d for the same purposes as t h e r en t s and profits of t h e l and and heredi ta­ men t s are by t h e said i nden tu re of se t t l ement directed to be applied and t h e capi ta l of t h e t r u s t p roper ty or t h e lands or securities whereon t h e same shall be invested shall go and belong to t h e same person or persons who would have been absolutely ent i t led to t he land and

he red i t amen t s originally comprised in t he said se t t lement p u r s u a n t to	t h e t r u s t s thereof and if more t h a n one in t he l ike shares and propor­
t ions .

4. I n c i t ing th is Ac t in any i n s t r u m e n t document or legal

proceeding it shall be sufficient to use t h e expression " Mackenzie ' s

T rus t A c t . "

An