Australian Trust Company Act 1857 20 Vic (NSW)

1857. 20° VIC.

Australian Trust Compan Y

An Act to enlarge the powers of "The Australian Trust Company" and to remove doubts as to the validity of Deeds executed by Agents of the Company. [28rd February, 1857. |

HEREAS by a charter or letters patent under the Great Seal

of Great Britain bearing date at Westminster the sixth day of October in the fourth year of the reien of Her Majesty Queen Victoria [Ler said Majesty did grant that 'the persons thercin named and others and their successors should be one body politic and corporate in deed and in name by the name of "The Australian Trust Company" and by the said charter or letters patent it was declared that the said company was established for the purpose of lending and advancing money upon the security of lands situate in Mer Majestv's Colonies or Scttlements in Australia and for the other purposes thercinafter specified and by the said charter Her said Majesty did grant unto the said company a and their successors that it should be lawful for the said company for the purposes aforesaid to take hold sell and dispose of all such Jands tenements and hereditaments in any of Uer said Majesty's Colonies or Settlements aforesaid as might be conveyed to the said company or any trustee or trustees for them by way of mortgage or on any trusts for sale or otherwise in the way of security for advances and to purchase and hold other lands tene- ments and hereditaments in any of ITer said Majesty's Colonies and also in Great Britain and Ireland so that such lands tenements and hereditaments so purchased as last aforesaid in any of Mer said Majesty's Colonies were not altogether of more than the valuc of one thousand pounds per annum at the time of purchase and also that, such lands tenements and hereditaments in Great Britain and Ircland so to be purchased were not altogether of more than the value of one thousand pounds per annum at the time of purchase and that the said company might do all other acts and things in relation to the premises in all respeets as beneficially as any other body politic or corporate or any subject of the realm was by law entitled to do and by the said charter Ter said Majesty did will and declare that the said company should not take any conveyance of land to such company or to its trustees of any lands tenements and hereditaments in any of Her Majesty's said Colonics or Settlements exeept by way of mortgage or upon trusts for sale ov otherwise boud fide by way of sccurity for money advanced and that if in default of payment of the money which should be so secured or the interest thereof or otherwise in due course of Jaw the said company its trustees or agents should enter into possession or reccipt of the rents and profits of any such lands tene- ments and hereditaments and should not within one year after such entry into possession or receipt have soldand disposed of or transferred the same then and in such case such company or its trustees should with all convenient speed aftcr being thereunto required by writing under the hand of Ifer said Majesty's Governor or Lieutenant Governor of the Colony or Settlement where such lands tenements and hereditaments should be situate or of any one of Ler said Majesty's Principal Secretarics of State proceed to make sale thercof or agree for the transfer thereof and sell and convey or transfer and assure the same accordingly And whereas it has happened and may from time to time again happen that the same causes which disable the borrowers of money from the said company on mortgage from paying the prin- cipal or interest duc on. such mortgages also temporarily depreciate the market value of the mortgaged property and make it impossible to sell