Trades Hall and Literary Institute Act of 1893 (NSW)

1893. 56̂ ̂VIC. ISTo. 10.

Trades Hall and Literary Institute.

No. X.

An Act to enal)le the trustees of the l^mdes "tkkaky

H all and Literary Institu te to inortg*ag-e certain lands situated in the city of Sydney, and for the declaring* the trusts of the m oneys raised by snch mortgng’e, and for other pur])oses in connection therewith.

\_rnU April, 1893.]

"rTTIIEREAS by a deed of "rant bearing date tbe tliirtecntb day of rreambie.

October, in the year one tliousand eight bnndrcd and cigbty- live, Her Majesty did give and grant nnto Henry Copeland, Jacob Garrard, "VVilliani Eerrier, Jolm Eldward JYcst, Jolin Atkinson, John llicliard Talbot, Hugh Patterson, Tliomas Caddy, and Richard Mooney, therein and hereinafter called “ trustees,” and their heirs, all that parcel ol; land situate in the city of Sydney, mentioned and particularly dt'serihed in the Schedule to this Act, upon trust to hold and use or allow the said land hereby granted and the buildings to he erected thereon to he at all times hereafter maintained and used as and for a Trades Hall and Literary Institute for the use of the artilicers and operatives of Sydney aforesaid and others, under and in accordance Avith such regulations as shall from time to time he made by the Governor or other officer for the time being administering the Govern­ ment of our said Colony, Avith the adAucc of the Executive Council thereof, and for no other purpose Avhatsoover: And Avhcrcas in pur­ suance of the said trusts certain hnildings Avere erected on the said land for the purpose of carrying out the ohjccTs of the said institution : And Avhercas tlie trustees cannot raise a sufficient sum of money to complete the said buildings to suit the requirements of the said institution, and it is expedient that the said trustees or a majority of them Avith the sanction of the GoA'ernor-in-Council should liaA'c poAver to raise money by mortgage of the said lands, for the purpose of adding to, completing, enlarging, altering, and repairing the buildings noAV standing upon the said lauds ; And Avhereas sucli poAver of mortgage cannot he obtained without IcgislatHe sanction: Re it therefore enacted by the Queen’s Most Excellent Majesty, by and A\ith the adA-'ice and consent of the LcgislatiA'c Council and LegislatHe Assembly of N oav South AValcs in Parliament assembled, and by the authority of the same, as follows :—

T V

1. I t shall be law ful'ifor the said trustees or a majority of row er to trustees to

them, Avith the sanction of the GoA êrnor in Council, from time to

time, for the purpose of raising any sum or sums of money not Governor in Council,

exceeding fifteen thousand pounds, Avhich in their opinion or a

majority of them it may be desirable to borroAV for tbe purpose of

adding to, completing, enlarging, altering, and repairing the buildings

of the said institution, to execute any mortgage or mortgages in fee

or for a less estate of the Avhole or any part or parts of the said lands

and hereditaments, AA'ith power of sale, and all other usual poAvers,

provisions, and covenants : Provided always and it is lu'reby enacted

that tlie power of mortgage hereinbefore conferred shall not be

exercised unless authority be given in Avriting by a majority of the

trustees of the said institution or by a resolution passed to that effect

by a majority of the Avholc of the trustees of the said institution

present

No. 10. 56 VIC. 1893.

Trades Hall and Literary Institute.

present and entitled to vote at a special meeting, of which at least seven days’ notice shall have been given hy advertisement in two separate issues of at least one local newsjiapcr; and provided further that such resolution shall have been confirmed hy a majority of the whole of the said trustees jiresent at a subsequent special general meeting, of which a similar notice as aforesaid shall have been duly given, and held at an interval of not less than seven days nor more than one month from the date of the meeting at which such resolution shall have been first passed: Provided that no person Avho shall advance money upon the security of any mortgage purporting to ho made under the power hereby given shall he bound to inquire as to the advisability or propriety of the raising of such money, or as to tlie ajiplication of such money Avhen raised and advanced, and the receipt of the said trustees for the moneys so advanced shall effectually discharge the person advancing the same from being hound to see to the application tliercof, and from any liability in respect of the misapplication or non-application thereof.

Trustees to stand 2. The Said trustccs sliall Stand posscsscd of the moneys raised and expenses of this Act, and in the next place to apply the same in and towards the adding to, completing, enlarging, and repairing the buildings now standing upon the said lands : Provided always that it shall he lawful to apply from time to time so much of tlie funds of the said institution as the trustees or a majority of them of the said institution shall think proper in and towards the payment of or in and

m trusT*̂ moneys Py jĵ jjy gvich mortgage upon trust in the first place to pay the costs

’

* towards providing a sinking fund for the payment of the principal and interest due and owing on the security of any mortgage executed under the poiver hereinbefore contained.

S h o rttitio . 3. This Act may he cited as the “ Trades Hall and Literary Institute Act of 1893.”

THE SCHEDULE.

AH iliat piece or parcel of land containing; thirty-eight perches and seveuteen ono-huiidredths of a perch, situate in the Colony of New South Wales, county of Cumberland, parish of Saint Andrew, and city of Sydney, being part of a grant of fifteen acres three roods and four porches originally granted to .John Dickson : Com­ mencing on the building line of the northern side of Goulburn-street at its intersection with the building line of the eastern side of Dickson-street; and bounded thence on the south by Goulburn-street bearing north eighty degrees twenty-one minutes east one chain twenty-four links and thirteen-fifths of a link ; on the cast by a line bearing north fifteen degrees two minutes west sixty links and nineteen twentieths of a link ; on the north by lines bearing south seventy-eight degrees fifty-eight minutes west fifteen links and thirty-one one-hundredths of a link south eleven degrees two minutes east thirteen-twentieths of a link ; and thence south seventy-eight degrees fifty-eight minutes west seventeen links and thirty-one one-hundredlhs of a link ; again on the east by a line bearing north fifteen degrees two minutes west sixty-six links and seven- fiftieths of a link; again on the south by a line bearing north seventy-eight degrees forty-six minutes east twenty-eight links and twenty-one one-hundredths of a link ; again on the cast by a line bearing north fifteen degrees nine minutes west ninety-one links and seven-fiftieths of a link ; again on the north by a line bearing south seventy-six degrees fifty-eight minutes west fifty links; and thence south seventy-five degrees forty minutes west sixty-eight links and nineteen-twentieths of a link to the building line of Dickson-street aforesaid ; and on the west by that building line bearing south fourteen degrees fiftv-eight minutes thirty-seven seconds east two chains eight links and ninety-three one-hundredths of a link, to the point of commencement.

No. XI.