5. Application of funds from lands

    (1) The proceeds

    of the sale or resumption and any other capital proceeds of the said lands and hereditaments or of any part thereof;

    and all moneys

    raised on mortgage thereof or of any part thereof;

    and all rents, issues and profits

    received therefrom by the said Diocesan Trustees;

    and the interest

    of any such proceeds, moneys, rents, issues and profits;

    and any present or future accumulations

    of any such proceeds, moneys, rents, issues, profits and interest;

    after payment

    of all rates and taxes payable in respect of the said lands; and

    of all costs and expenses of and incidental to the maintenance and repair and insurance of the buildings on the said lands; and of other like outgoings; and

    of interest payable under any mortgage of the said lands, whether executed before or after the coming into operation of the Church of England School Lands Act Amendment Act 1957 1; and

    of such amount of the principal of any such mortgage as the said Diocesan Trustees think fit, and are hereby authorised, to pay in the reduction thereof; and

    of the cost of building upon or otherwise improving the said lands; and

    of the costs of any sale, partitioning, mortgaging, or leasing, thereof;

    shall,

    subject to the right hereby conferred on the said Diocesan Trustees to retain such part or parts of such proceeds, moneys, rents, issues, profits and interest for any of the aforesaid purposes as the said Diocesan Trustees may from time to time consider necessary,

    be applied and distributed by the said Diocesan Trustees

    (a) as to nine-sixteenths in payment in perpetuity to the body corporate registered under the Associations Incorporation Act 1987 8, as Guildford Church of England Grammar School or other body whether corporate or unincorporate for the time being managing such school;

    (b) as to five-sixteenths in payment in perpetuity to the body whether incorporated or unincorporated for the time being managing the School now known as Christ Church Grammar School; and

    (c) as to the remaining two-sixteenths in payment for 25 years from the coming into operation of the Church of England School Lands Act Amendment Act 1957 1, of one-half to each of those bodies as hereinbefore provided and thereafter for such purposes of education of children in the Diocese of Perth, including if the said Diocesan Trustees think fit for the benefit of either or both of the Schools referred to in subsection (1)(a) and (b), as the said Diocesan Trustees from time to time determine and are hereby authorized to determine.

    (2) On the body corporate known as Guildford Church of England Grammar School executing in favour of the said Diocesan Trustees a deed of covenant binding the body to pay to the said Diocesan Trustees in such manner and at such times as may be determined by the said Diocesan Trustees the principal sum of 42 750 and interest thereon at the rate of 4 per centum per annum, the said Diocesan Trustees shall execute and deliver to the body at the cost of the body such instruments as are necessary to vest in the body

    (a) as proprietor in fee simple, the land described in the First Schedule, free of encumbrances and freed and discharged from the trusts upon which the land was held by the said Diocesan Trustees immediately prior to the coming into operation of the Church of England School Lands Act Amendment Act 1957 1; and

    (b) as absolute owners, the personal property described in the Second Schedule, free of all liens, charges and trusts.

    (3) The amount of that principal sum and interest is hereby secured as a first charge on the capital of the nine-sixteenths interest mentioned in subsection (1)(a).

    (4) If and when a deed of covenant referred to in subsection (2) is executed, the moneys receivable by the said Diocesan Trustees under the deed of covenant shall not be subject to the trusts of this Act.

    (5) In order to resolve any doubts which, but for the enactment of this subsection may exist or arise as to the proper application thereof by the said Diocesan Trustees, it is hereby expressly enacted that all applications made or caused to be made by the said Diocesan Trustees prior to the coming into operation of the Church of England School Lands Act Amendment Act 1957 1, of capital or income moneys which have come to the hands of the said Diocesan Trustees in exercise or purported exercise of their powers under the Act 49 Victoriae No. 19 3 or under this Act, whether authorised or not by those Acts, shall be deemed to have been authorised by this Act and the said Diocesan Trustees shall be deemed not to have committed any breach of trust in respect of the application of those moneys.

    (6) The said Diocesan Trustees may at any time after the coming into operation of the Church of England School Lands Act Amendment Act 1957 1, vest by transfer or other assurance, upon such terms and conditions as they may in their discretion see fit, in any body incorporated after the coming into operation of that Act to take over the management and control of the School known, immediately prior to the coming into operation of that Act, as Christ Church Grammar School, the whole or any part or parts of the lands and other assets for the time being used for the purposes of that School, freed and discharged from the trusts upon which those lands and assets may then be held by them.

    (7) The said Diocesan Trustees may apply any proceeds, moneys, rents, issues, profits and interest mentioned in subsection (1) in building upon and otherwise improving and developing the whole or any part of the land mentioned in subsection (1); and may invest any such proceeds, moneys, rents, issues, profits and interest as trust funds may be invested under Part III of the Trustees Act 1962 and may apply the interest and income of such investments and the capital of such investments in the manner mentioned in subsection (1).

    [Section 5 inserted by No. 41 of 1957 s. 4; amended by No. 13 of 1991 s. 3; No. 1 of 1997 s. 18.]



Note: This is not an authorised version. The only authorised version is the hardcopy (printed) version published under authority of the Government Printer, available from the State Law Publisher, 10 William St Perth W.A. 6000.