4. Consolidation of mortgages
(1) The Commissioners may effect a consolidation of the mortgages secured on the property of any congregation or several congregations, or on any other property held in trust by the Commissioners.
(2) Where the land, buildings, or other property of any congregation, mission, or institution (except a mission or institution that has been separately incorporated as provided in section 21 of the Presbyterian Church Act 1908) are free from encumbrances, or where the amount raised by any mortgage thereof together with all other mortgages thereon, if any is less than 50% of the realisable value of the security, the Commissioners may, with the approval in writing of the majority of the members and adherents of the congregation, mission, or institution and subject to obtaining all other consents and approvals that are required to be obtained under any Act, borrow money on the security of such land, building, or other property, for the benefit of any other congregation, mission, or institution other than a mission or institution separately incorporated as provided in section 21 of the Presbyterian Church Act 1908: Provided that the money so borrowed shall be used for the purchase or erection of permanent building required for the extension of the work of the Church in Western Australia, or for the reduction of any existing mortgage, or other liability of the other congregation, mission or institution for whose benefit the money has been borrowed.
[Section 4 amended by No. 19 of 1964 s. 9.]