Sillitoe's Trustees Act 1855 No sta (NSW)

494 19̂ VIO. 1855.

Sillitoe’s Trustees.

siLLiTOE’3 tbustees. Act foi cnlargiiig the powers of the Trustees or Trustee for the time being of a certain Indenture of Release and Settlement made by Mr. Acton Sillitoe of Land at Double Bay in the ]3arish of Alexandria in the county of Cuml3erland and for enlarging and extending the Trust for sale contained in the said In­ denture and for other purposes therein con­ tained. \lSth December, 1855.]

Preamble.	TTTHEREA S by an indenture bearing date on or about the twenty-
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eighth day of September one thousand eight hundred and forty- four and made between Thomas Icely Esquire of the first part Acton Sillitoe merchant of the second part Sarah Sillitoe wife of the said Acton Sillitoe of the third part and Archibald Windeycr Esquire and Archibald Mitchell merchant therein designated “ Trustees” of the fourth part in consideration of the sum of eight hundred pounds paid by the said Acton Sillitoe to the said Thomas I(;oly and in consideration of the natural love and affection which the said Acton Sillitoe had and bore towards the said Sarah Sillitoe and his children the said Thomas Icely by direction of the said Acton Sillitoe granted and released unto the said Trustees a certain parcel of land situated in Double Bay in the parish of Alexandria in the county of Cumberland containing six acres more or less to hold unto and to the use of the said Trustees their heirs and assigns upon certain trusts in the said indenture expressed for the benefit of the said Acton Sillitoe and Sarah Sillitoe his wife during their respective lives and upon the death of the said Sarah Sillitoe or upon the youngest child of the said Acton Sillitoe and Sarah Sillitoe arriving at the age of twenty-one years whichever of the two should last happen upon trust that the said Trustees and the survivor of them and their heirs executors and administrators of such survivor should sell and dispose of the said hereditaments in manner therein mentioned and should hold the residue of the purchase money after payment of all expenses attending any sale or sales or otherwise incurred in the execution of the trusts thereby declared in trust as in the said indenture mentioned And whereas the said Archibald Windeyer has never in anywise acted or interfered in the aforesaid trusts and the said Archibald Mitcdiell is now the sole acting Trustee of the said settle­ ment And whereas divers parts of the land comprised in the said settlement arc so situated as to be convertible to profitable account by the sale thereof in allotments for building and it is considered that the entirety thereof may be advantageously sold either in one lot or several lots upon divers terms as to credit for purchase money interest and security for the same and upon other conditions requiring an extension of the powers and authorities of the Trustees so as to enable them to effect an immediate sale of the said land and to confirm and give legal effect to such sale or sales And whereas it is considered that the proceeds of such sales or the other trust moneys from time to time in the hands of the Trustees or Trustee for the time being of the said settlement may from time to time be advantageously invested in the purehase of other lands in Xcw South Wales or upon real or Govern­ ment security therein and the advantages to be derived from the improved and marketa1)le value of the trust property will be greatly

impaired

1855. 19̂ VIO. 495

Sillitoe’s Trustees.

impaired unless tlie trust for sale contained in the said settlement he extended for the purposes aforesaid and otherwise as hereinafter mentioned and enacted And whereas the said Acton Sillitoe and Sarah Sillitoe are desirous that the said lands should he sold and the proceeds thereof inv(;sted as aforesaid Ee it therefore enacted hy Ilis Excellency the Governor of Xew South Wales with tin; advic( ̂ and consent of the Legislative Council tlicreof as follows—

1. It shall he lawful for the said Archibald Mitchell as such Archibaia Mitciieii

hiing of the said settlemc'nt to sell the lands and hereditaments com- and convey as

prised in the said indenture either by public auction or private contract certarn'ia°id at̂

and cither in one or more parcels or allotments and witli such riglits Uoubie Bay

of way in and over any portion of such land as he or they shall deenn

most expedient and for such price or prices as can be reasonably

obtained for the same and wlum sold to convey the same or any part

or parts thereof to the pnrcliaser or purchasers their or his heirs or

assigns and thereupon the said hereditaments or such part thereof as

shall he so conveyed hy the said Arcliibald Mitchell or the Trustees or

surviving Trustee as aforesaid or the Trustees or Trustee ibr the time Tniatce'Snaŷ leii therein shall vest absolutely in the person or persons to whom the same shall he so conveyed their heirs and assigns freed and discharged from the trusts created l)v the said indenture.

2 . I t shall he lawful for the said Arciiibald Mitchell or the And may allow a

Trustees or Trustee for tlie time being of the said settlement to allow to any purchaser or purcliasers of tlie said land or any part or parts tliereof credit for any number of years not exceeding eight years for payment of his or her purchase money or any part thereof upon sucli terms as to interest or otherwise as may by the said Archibald Mitchell or tlie Trustees or Trustee for the time being of tlie said settlement be deemed proper provided that the land shall remain unconveyed or lie otherwise rendered a security for the unpaid purchase money together with the interest thereon until the same shall have been paid and further that cither as a part of the contract of purchase or otherwise it shall be lawful for the said Archibald Mitchell or the Trustees or Trustee for the time; being of the said settlement to lay out and invest any part of the proceeds of the sale of the said land or any other land originally comprised in the said trusts or any part of the said trust moneys upon mortgage of the same or of any other part of the said land to hi! taken from any purchaser or purchasers thereof or his her or their heirs or assigns.

3. I t shall be lawful for the said Arcliibald Mitchell or the And may invest

Trustees or Trustee for the time being of the said settlement at their thc'tnist*̂ as"hfrê ̂

or his discretion to invest the moneys belonging to the trusts of the appointed.

said settlement either at interest upon real securities or upon securities

of the Government of New South Wales or in erecting buildings or

making improvements or repairs in and upon unsold portions of the

said estate for the time binng or upon purchase of other lands and

hereditaments in New South Wales as the said Archibald Mitchell or

the Trustees or Trustee for tlie time being of the said settlement shall

think lit and either or any of the modes of investment aforesaid sliall

be deemed and construed to be equally in accordance with the intent

and meaning of the said settlement and sliall be subject to the trusts

of the said settlement so far as such trusts shall be ajiplicable thereto.

ANNO