The Institutes Further Amendment Act 1907 (SA)

L4NN0 SEPTIMO

EDWARDI V11 REGIS.

No. 937.

An Act to further amend the Law relating to Institutes.

[Assented to, December rrst, 1907.1

E it Enacted by the Governor of the State of South Australia,

follows:	B with the advice and consent of the Parliament thereof, as
1, This Act may be cited as " The Institutes Further Amendment Short title and Act, 1907," and shall, except so far as inconsistent therewith, be "cOr~OratiOn. incorporated and read as one with the Public Library, Museum,
and Art GaUery Acts, 1883-4, 1885, and 1895, "The Institutes Mortgage Act, 1898," The Municipal Corporations Act, 1890,"
" The District Councils Act, 1887," and all Acts amending or
incorporated with those Acts.

pursuant to "The Institutes Amendment Act, 1888," may, with the consent in writing first obtained of the Minister Controlling Institute, including a Corporation which has purchased an Institute Imtitute. contained, sell and convey or transfer the Institute and any real and personal estate of the Institute, which shall thereupon be freed and - discharged from the trusts thereof. 4. Any

2, The operation of this Act shall be retrospective so far as it ~ c t retrospective.

can apply to any transaction either wholly or partly entered into and performed before the passing of this L4ct by or on the part of any Corporation or Institute pursuant to the provisions of "The Institutes Amendment Act, 1888."

3, Any Institute or, in case there be trustees, the trustees of any Power to eel1

2 7' EDWARDI VII, No. 937.

The Institutes Ftwther A mendment Act.--1907.

Application of 4.. Any purchase-money arising from any sale made pursuant to

purchase-money .

the preceding section shall be applied in or towards the purchase or erection of other premises for Institute purposes; and the premises so purchased or erected as aforesaid shall vest in the Institute or the trustees thereof, or in the case of a sale by a Corporation in such Corporation, upon the same trusts as immediately before such sale affected the property sold, except as modified by this Act.

Corporat~on to be

trustee of Institute,

5. A Corporation which has acquired or shall acquire an be and be deemed to be the trustee of such Institute within the meaning and for the purposes of " The Institutes Mortgage Act, 1898," and this Act, and any such Corporation shall be empowered to validly execute a mortgage deed or instrument of the real estate of an Institute so acquired as aforesaid by affixing to such mortgage deed or instrument the common seal of such Corpora- tion. And. notwithstanding the provisions of "The Municipal Corporations Act, 1890," and b'The District Councils Act,, 1887," and any Acts amending those Acts, it shall not be necessary for the Corporation to obtain the consent of the ratepayers before borrow- ing money on mortgage of any Institute as such trustee as afore- said.

with power to

Institute and the real and personal estate of such Institute under

mortgages. mortgage and execute the provisions of " The Institutes iZmendment X ct, 1888," shall

General revenue and	6, Whenever a mortgage deed or instrument has been or shall
propert of Corpora-

tion liagle for repay-	hereafter he executed by a Corporation as mentioned in the last
ment of mortg;rgee,	preceding section, or whenever an lnstitute and the real and
debts, &c.	personal estate thereof have been or shall hereafter be acquired hy a Corporation subject to any encumbrances affecting the bame, as mentioned in section 6 of "'l'he Institutes Amendment Act, 1888," then, in addition to the security comprised in such mort- gage or encumbrances, the general revenue, fimds, and propertv of such Corporation shall be liable for the repayment of the mortgage
debt or encumbrances (as the case may be).

Members of Council 7, Nothing in this Act shall impose, or be deemed to have irn-

not personally liable.

posed, any personal liability on ihe members composing the Council

of any such Corporation, or any of them.

Corporation may issue 8. 4 ' Corporation, in addition to and without limiting the

debenture8 for certain	other powers provided in this ,4ct, and "	'l'he Institutes Mortgage
purposes.

Act, 1898," may borrow and raise, lor the purposes enumerated in section 2 of the last-mentioned Act, such sum or sums by means of debentures on the security of the general rates of the Corporation declared or to be declared from time to time, as shall he sufficient for such purposes, or any of them: Provided that except where the borrowing or raising of anv such sum or sums is a neces- sary consequence of, or essential to, the performance of a transaction which has already been approved by ratepayers under the provisions of The Institutes Amendment Act, 1888," no such debentures shall be issued without the consent of ratepayers to be obtained i n the

same

7 EDWARDI VII, No. 937.

The Instifiutes Furth~r Amendment Act.-1907.

p---- P-

same way (mutatis mutandis) as is provided in the case of loans for special purposes by " The Municipal Corporations Act, 1890," " The District Councils Act, 1887," or any Acts amending those Acts.

9. A Corporation which has borrowed or raised, or shall hereafter Establishment of

borrow or raise, funds for any of the purposes mentioned in this Act,

einking fund.

shall provide for the establishment of a sinking fund to ensure the redemption within a period of thirty years of any funds so borrowed or raised by setting aside annually out of the general revenue of the ~orporation and the income of the Institute such sum or sums as shall be sufficient for that purpose. The moneys comprising any such sinking fund shall be invested, subject to the approval of the Minister Controlling Education, in manner to be determined by the Corporation, with power at any time and with the like approval to vary such investments or apply such moneys, or any part thereof, towards the reduction of the capital of the funds so raised.

10, The interest accruing due on any mortgage, debt, or deben- tures mentioned in this Act shall be paid by the Corporation out

paid out of

Interest to be

Corporation revenue

of the general revenue of such Corporation, and out of the income of

and Institute incaome as Corporation may

anj Institute in respect of which the mortgage debt was incurred,

determine.

or the debenture fund was applied, in such proportions as such

Corpordtion may from time to time determine.

Every conveyance, mortgage, or transfer by an Institute, or the trustees thereof or the committee of management thereof, of any Institute or of any real or personal (.state of an Institute executed with the consent of the Minister Controlling Education prior to the passing of this Act, is hereby validated. Prior sales validated.

11,

12, Notwithstanding any thing to the contrary contained in any Power to mortgage.

grant to or trust deed of any Institute, an Institute or the trustees thereof, and a Corporation which has purchased an Institute may, with the consent in writing of the Minister Controlling Edtwation.

mortgage' or charge such ~ t s t i t u t e upon such terms and conditions, including a power of sale, as may and its real and pGsonal estate	be approved by the said Minister. IJ pon any sale of any Institute
or lnstitute property under the power of sale contained in any such mortgage the purchaser shall hold the same absolutely freed and discharged from all trusts affecting the same.

I n the name and on behalf of His Majesty, I hereby assent to

this Bill.

GEORGE R. LE HUNTE, Governor.

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