An Act to enable the Sydney Mechanics School of Arts to sell, demise, or otherwise dispose of either absolutely or by way of mortgage the land comprised in a certain Crown grant; and for purposes connected therewith.
1 Name of Act
This Act may be cited as the Sydney Mechanics School of Arts (Enabling) Act 1929.
2 Power to sell, mortgage etc
Subject to this Act it shall be lawful for the Sydney Mechanics School of Arts, a body corporate constituted under the Sydney Mechanics School of Arts Incorporation Act of 1886, to sell, grant, convey, assure, demise, or otherwise dispose of absolutely or by way of mortgage the land comprised in Crown grant dated the fourth day of December, one thousand nine hundred and twenty-five, registered in the office of the Registrar-General, volume 3809, folio 101, granted to the said body corporate upon trust for the erection thereon of such building or buildings for the use of the said school of arts as the said body corporate should think fit, and for no other purpose whatsoever.
3 Mortgage to be sanctioned by resolution
Any power conferred by this Act shall not be exercised unless a resolution to the effect that it is desirable to exercise the power has been carried by a majority of not less then three-fourths of such members of the said Sydney Mechanics School of Arts as may be present at a meeting specially convened for the purpose of which fourteen days’ notice has been given by advertisement in two separate issues of a Sydney daily newspaper and confirmed by a resolution duly passed and carried by a like majority of such members as may be present at a subsequent meeting specially convened for the purpose after fourteen days’ notice given as aforesaid and held not less than one calendar month and not more than three calendar months from the date of holding the meeting first abovementioned.
4 Sale free of trusts
In case of a sale under the power conferred by this Act or under the power of sale contained in any mortgage executed thereunder the land sold shall be free of the trusts contained in the said Crown grant, and the proviso for forfeiture or reverter therein contained shall be deemed to have been waived and to be of no effect.
5 Receipt of president sufficient discharge
The receipt in writing of the president of the Sydney Mechanics School of Arts for any moneys paid to it in respect of any such sale or mortgage shall be a good and sufficient discharge for such moneys to the person paying the same and such person shall not be required to see to the application nor be affected by the misapplication or non-application thereof.